Elon Musk’s artificial intelligence company xAI has secured a significant funding boost, raising $6 billion from prominent investors including BlackRock, Nvidia Corp., and AMD, Inc. As announced in a blog post on Monday, December 23, the investment will be utilized to expand the company’s AI infrastructure, marking a substantial development in the AI space.
In its latest funding round, xAI secured $6 billion in a Series C round, marking the company’s second major investment in 2024. This follows a Series B round in May 2024, which also raised $6 billion from prominent investors such as Andreessen Horowitz and Sequoia Capital, among others.
xAI has announced the successful closure of its Series C funding round, securing a substantial $6 billion investment. In a blog post, the company revealed the details of the funding round, stating: “We have closed our Series C funding round of $6 billion with participation from key investors including A16Z, Blackrock, Fidelity Management & Research Company, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners and Vy Capital, amongst others. Strategic investors NVIDIA and AMD also participated and continue to support xAI in rapidly scaling our infrastructure.”
The AI company has outlined plans to utilize the $6 billion raised from its Series C funding round, with a focus on developing its infrastructure and investing in research and development initiatives.
xAI has revealed that, “The funds from this financing round will be used to further accelerate our advanced infrastructure, ship groundbreaking products that will be used by billions of people, and accelerate the research and development of future technologies enabling the company’s mission to understand the true nature of the universe.”
Since completing its Series B funding round, xAI has made significant strides in advancing its AI capabilities. Notably, the company has launched several key initiatives, including Colossus, the world’s largest AI supercomputer, built in collaboration with Nvidia. Additionally, xAI has unveiled Grok 2, the second version of its language model, as well as the xAI API, which provides developers with programmatic access to the company’s foundation models. The company has also introduced Aurora, an image generation model, and successfully integrated Grok into the social media platform X.
As xAI continues to push the boundaries of AI innovation, the company is setting its sights on the future with several exciting developments in the pipeline. Notably, xAI is currently training its most advanced model yet, Grok 3. According to the company, “consumer and enterprise products that will leverage the power of Grok, Colossus, and X to transform the way we live, work, and play,” are also on the horizon, promising to revolutionize the way we interact with technology.
ⓘ LAFFAZ is not responsible for the content of external sites. Users are required to read and abide by our Terms of Service.
