According to Forbes, Elon Musk's xAI company announced on Monday that it raised $6 billion in a Series C funding round, with the company's valuation surpassing $40 billion as it continues to strengthen its artificial intelligence products and infrastructure. Investors include Blackrock, A16Z, Kingdom Holding of the Saudi Group, Fidelity, and Sequoia Capital, the latter three having participated in xAI's $6 billion Series B funding round in May of this year. xAI stated in the funding announcement that it is training Grok 3.