Musk's xAI secures $6 billion in latest funding round

Elon Musk's artificial intelligence venture, xAI, has successfully secured $6 billion in a new round of funding, as revealed by a recent regulatory filing with the US Securities and Exchange Commission. The completion of this round comes after months of anticipation and negotiations.

The funding attracted a broad base of support, with 97 investors contributing to the round. Investment amounts varied, with the smallest recorded stake being $77,593. The details of the filing, which took place on Thursday, did not disclose the identities of the investors. Furthermore, it did not provide specific information regarding the company's valuation or revenue figures.

Back in October, reports from Bloomberg News indicated that xAI was in the process of seeking fresh capital, aiming for a valuation of $40 billion, a figure that did not account for the funds being raised at that time.

This latest financial injection follows a previous $6 billion funding round that xAI completed in May, which at the time placed the company's valuation at $24 billion, inclusive of the capital raised. The current status of xAI's valuation post this most recent funding round remains unspecified in the filing.

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Source: Investing.com