In a significant move to cement its position in the AI industry, Elon Musk’s xAI has secured $6 billion in Series B funding from investors including Saudi Arabia’s Kingdom Holding.that the AI startup, barely a year old, has attracted investments from prominent venture capital firms such as Andreessen Horowitz and Sequoia Capital, as well as Saudi Arabia’s Kingdom Holding.
Elon Musk took to X/Twitter to share the news, stating, “There will be more to announce in the coming weeks.” In a subsequent post, Musk revealed that xAI’s pre-money valuation stood at an impressive $18 billion, highlighting the company’s potential and investor confidence in its future prospects.This announcement comes as the first official confirmation of xAI’s fundraising efforts, following Musk’s previous denials of reports from Bloomberg and theregarding the company’s outreach to investors.
OpenAI was created as an open source , non-profit company to serve as a counterweight to Google, but now it has become a closed source, maximum-profit company effectively controlled by Microsoft.