Elon Musk’s artificial intelligence venture, xAI, has successfully completed a Series C funding round, bringing in a substantial $6 billion. This significant investment was announced this week and included participation from a diverse group of investors.
Among these investors are prominent firms such as Andreessen Horowitz, Blackrock, Fidelity, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners, Vy Capital, Nvidia, and AMD, along with other unnamed entities.
A public filing revealed that Kingdom Holdings, a Saudi conglomerate, contributed approximately $400 million to this round. The same filing also disclosed that xAI’s valuation has now reached $45 billion, nearly doubling its previous valuation.
With this latest influx of capital, xAI’s total funding has reached $12 billion. This figure includes the $6 billion the company secured in a previous funding round back in May.
The Financial Times reports that participation in xAI’s most recent funding round was exclusively limited to investors who had previously supported the company. Furthermore, it has been reported that investors who were involved in financing Elon Musk’s acquisition of Twitter were granted the opportunity to acquire up to 25% of xAI’s shares.
xAI said in a statement:
xAI’s most powerful model yet … is currently training and we are now focused on launching innovative new consumer and enterprise products. The funds from this financing round will be used to further accelerate our advanced infrastructure, ship groundbreaking products … and accelerate … research and development.