Elon Musk's xAI Secures $6 Billion, Valuation Soars to $24 Billion, Aims to Challenge Google and Microsoft
May 28, 2024![Elon Musk's xAI Secures $6 Billion, Valuation Soars to $24 Billion, Aims to Challenge Google and Microsoft](https://cdn.brief.news/images/stories/f09c8f08cb9bcc29c61e2d6fb2094d607a5dfaf713f53a9b5b39f9bc44fb537639141d43b8e739eab1fa0507faa95ddfca4d20986065a54140ddb1421094f945.png)
Elon Musk's AI startup xAI has secured $6 billion in Series B funding from investors including Andreessen Horowitz and Sequoia Capital.
The funding has increased xAI's valuation to between $18 billion and $24 billion.
The investment will be used to advance xAI's products, infrastructure, and research and development.
Founded last year, xAI aims to position itself as a 'maximum truth-seeking AI' to compete with Google's Bard and Microsoft's Bing AI.
Musk is committed to advancing xAI towards artificial general intelligence despite legal battles and competition.
The AI chatbot 'Grok' will be introduced for X Premium subscribers.
Tesla shareholders are set to vote on restoring Musk's $56 billion pay package at the annual meeting on June 13th.
Summary based on 42 sources
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Sources
![Elon Musk’s xAI raises $6bn in bid to take on OpenAI](https://cdn.brief.news/images/links/f09c8f08cb9bcc29c61e2d6fb2094d607a5dfaf713f53a9b5b39f9bc44fb537639141d43b8e739eab1fa0507faa95ddfca4d20986065a54140ddb1421094f945.png)
The Guardian • May 27, 2024
Elon Musk’s xAI raises $6bn in bid to take on OpenAI![Elon Musk's xAI raises $6B from Valor, a16z, and Sequoia | TechCrunch](https://cdn.brief.news/images/links/34de14d588dd1c94901d4aae909e52b8332d1acad073349b3f477952bdb26ca9eb2e7f6878174ae8ee604ae91cc9e0e6c38a8fc3069305db13aa9754debd9ef7.png)
TechCrunch • May 27, 2024
Elon Musk's xAI raises $6B from Valor, a16z, and Sequoia | TechCrunch![Elon Musk’s xAI raises $6 billion to fund its race against ChatGPT and all the rest](https://cdn.brief.news/images/links/e4091e1f7a4e82d3603628bf43a0bd49e7da7c088d365f35dfe6be4f93321d239e4ef65962278b6af8d7b163b453ab1fdb2f122eb2497890bee216e8fdf86106.jpg)
The Verge • May 27, 2024
Elon Musk’s xAI raises $6 billion to fund its race against ChatGPT and all the rest