Elon Musk’s xAI Secures $6 Billion in New Funding for AI Development

Post by: Pratik Kumar

Photo : Reuters

Elon Musk’s company, xAI, has announced that it raised $6 billion. This big amount will help the company grow and compete with others like OpenAI. The money will be used to improve its systems and speed up its work on new ideas. The funding came from big companies like BlackRock, Fidelity, and Sequoia Capital.
With this new money, xAI might now be worth between $35 billion and $40 billion, which is more than its earlier value of $24 billion. Elon Musk and his team have not shared any comments about the news yet.

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Elon Musk started xAI last year to join the fast-growing artificial intelligence field. Many other companies have already made tools that create text, pictures, and videos. To compete, Musk quickly built a supercomputer in Memphis, which powers Grok, xAI’s chatbot. This chatbot is available to people who use X, the platform Musk owns.
Musk was one of the founders of OpenAI but left in 2018 after disagreements with the team. Since then, he has criticized OpenAI and even taken legal action against it. He says OpenAI broke its original promise to be a nonprofit and put money above helping people. OpenAI has said Musk’s claims are meant to slow it down while he builds his company.

Musk has often said that artificial intelligence could be dangerous for humanity. However, he believes he can build it in a safer way. For xAI, Musk has trained its systems using data from X.

Some of the money for xAI also comes from people who supported Musk when he bought X in 2022. These include Andreessen Horowitz and Saudi Prince Alwaleed Bin Talal’s company, Kingdom Holding. Together, these groups have raised over $12 billion.

The $6 billion funding is a big step for xAI. With support from investors, Musk plans to make xAI a strong competitor in the AI world while working toward building safer and better technology.

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