Elon Musk’s Latest Companies Raise $6 Billion in Funding Round, Saudi Firm Participates

Investing.com - xAI, the artificial intelligence startup founded by billionaire Elon Musk in 2023, said late Monday that it has raised $6 billion in a Series C funding round, which included participation from Nvidia () and AMD ().

The latest round puts xAI’s valuation at more than $40 billion, according to multiple reports, and follows a Series B funding round earlier this year that also raised $6 billion.

Participants in the funding round include major venture capital firms a16z, Kingdom Holding Group and Sequoia. Investment giants Morgan Stanley () and BlackRock (), as well as tech giants Nvidia and AMD, also participated in the round.

xAI said the new funds will be used to build more AI infrastructure and advance the development of its core models.

The company aims to compete with major AI companies like OpenAI, which released ChatGPT, with its Grok AI model.