Elon Musk’s xAI Secures $6 Billion in Second Fundraising Round of 2024 The AI startup aims to dominate the supercomputer race and rival OpenAI, Google, and Anthropic.

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Elon Musk's artificial intelligence (AI) startup, xAI, raised $6bn in its second major fundraising round of 2024.
The company wants to become a leading force in artificial intelligence while challenging significant players like OpenAI, Google, and Anthropic.
One of the key drivers of the funding round is xAI's plan to expand its Colossus supercomputer to more than 1 million GPUs.
Construction has already begun at the xAI Memphis facility, and this enlargement will significantly enhance the company's computational power.
Reports indicate that 97 investors took part in the funding round worth a minimum of $77,593 per share.
Although xAI remains a private entity, investors can indirectly capitalize on the company's growth by investing in ARK Venture Fund.
Prominent names from the startup's first $6billion fundraising round in May 2024 include Andreessen Horowitz, Sequoia Capital, and Fidelity Management & Research Company.
The relationship between xAI and Musk's other ventures, particularly Tesla, play a crucial role in the startup's trajectory.
Investors have shown confidence in xAI's potential to disrupt the AI landscape, which is evident from the significant interest both institutional and retail investors have shown in the company.
With $12bn raised in 2024 alone, xAI is positioning itself to take on industry leaders in AI research and development.

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