Investing.com — xAI, the artificial intelligence startup founded by billionaire Elon Musk, said Monday it has raised $6 billion in a Series C funding round, which included participation from NVIDIA (NASDAQ:) and AMD (NASDAQ:).
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 this funding round included major venture capital firms including a16z, Kingdom (Tadawul:) Holdings and Sequoia. Investment giants Morgan Stanley (NYSE:) and BlackRock (NYSE:) also participated in the round, as did technology companies Nvidia and AMD.
xAI said the new funds will be allocated to building more AI infrastructure and further developing its key models.
The company aims to compete with major AI companies like OpenAI with its Grok AI model.
Musk founded xAI in March 2023.
