Elon Musk's AI firm is now valued at $24 billion following new funding

Elon Musks (AI) startup, xAI secured $6 billion, in Series B funding boosting its investment value to $24 billion. This significant financial backing indicates investor confidence in emerging players challenging established companies like OpenAI in the AI field.

The second round of funding came from investors such as Sequoia Capital, Andreessen Horowitz and Saudi Prince Alwaleed Bin Talal as announced by xAI in a blog post.

Per Musks statement on X platform xAI had a investment valuation of $18 billion.

In its blog update xAI highlighted that the fresh capital injection will support the launch of its products enhance infrastructure development and expedite research on technologies.

This funding solidifies xAI as a competitor to OpenAI, known for creating the chatbot ChatGPT.

Musk founded xAI to compete with OpenAI, which he co-founded but left in 2018 over concerns that OpenAI was lagging behind Google in the AI race and potential conflicts of interest with his AI work at Tesla.