Musk’s xAI Valued at $24 Billion After New Funding Push

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Elon Musk’s AI startup xAI has raised another $6 billion in a fresh funding push as investors continue to bet big in the intensifying AI race

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday, and saw its post-money valuation reach $24 billion

The company’s pre-money valuation was $18 billion, Musk said in a post on X.

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The money will be used to take xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.

“There will be more to announce in the coming weeks,” Musk said in another X post, in response to the announcement of the funding.

Companies like Microsoft-backed OpenAI and Alphabet’s are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.

Reuters with additional editing by Sean O’Meara

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Sean O’Meara

Sean O’Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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