Elon Musk's xAI secures $6 billion in series B funding round

Elon Musk's artificial intelligence startup xAI has raised 6 billion dollars in a Series B funding round, backed by investors including Andreessen Horowitz and Sequoia Capital, the company announced in a blog post on Sunday.

The funds will be used to bring xAI's initial products to market, build advanced infrastructure, and accelerate research and development of future technologies.

"There will be more to announce in the coming weeks," Musk said in a post on X, in response to the announcement of the funding.

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While xAI did not disclose its valuation following this funding round, previous media reports suggested it would be valued between 18 to 24 billion dollars.

The competition in the AI sector is intensifying, with investors making significant investments in startups aiming to challenge market leaders like OpenAI.