Current:Home > ContactElon Musk's xAI startup raises $24 billion in funding -FundWay
Elon Musk's xAI startup raises $24 billion in funding
View
Date:2025-04-15 10:35:14
Elon Musk's AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.
The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday.
The company's pre-money valuation was $18 billion, Musk said in a post on X.
The money will be used to take xAI's first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.
"There will be more to announce in the coming weeks," Musk said in another X post, in response to the announcement of the funding.
Tesla news:Elon Musk says Tesla aims to introduce a $25,000 model in 2025
Companies like Microsoft-backed OpenAI and Alphabet's GOOGL.O are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.
veryGood! (8275)
Related
- Military service academies see drop in reported sexual assaults after alarming surge
- Taylor Swift makes history as most decorated artist at Billboard Music Awards
- Worst. Tariffs. Ever. (update)
- Stock market today: Asian shares advance, tracking rally on Wall Street
- Hackers hit Rhode Island benefits system in major cyberattack. Personal data could be released soon
- 'Vanderpump Rules' star DJ James Kennedy arrested on domestic violence charges
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Follow Your Dreams
- 'Secret Level' creators talk new video game Amazon series, that Pac
- What to watch: O Jolie night
- Google forges ahead with its next generation of AI technology while fending off a breakup threat
Ranking
- 'As foretold in the prophecy': Elon Musk and internet react as Tesla stock hits $420 all
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Dropping Hints
- A Malibu wildfire prompts evacuation orders and warnings for 20,000, including Dick Van Dyke, Cher
- Syrian rebel leader says he will dissolve toppled regime forces, close prisons
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Trump taps immigration hard
- Fewer U.S. grandparents are taking care of grandchildren, according to new data
- New Jersey targets plastic packaging that fills landfills and pollutes
Recommendation
Average rate on 30
Morgan Wallen sentenced after pleading guilty in Nashville chair
'The Later Daters': Cast, how to stream new Michelle Obama
'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
Moving abroad can be expensive: These 5 countries will 'pay' you to move there
Beyoncé will perform halftime during NFL Christmas Day Game: Here's what to know
Kylie Kelce's podcast 'Not Gonna Lie' tops Apple, Spotify less than a week after release
Stock market today: Asian shares advance, tracking rally on Wall Street