Elon Musk’s AI startup valued at $24 billion

May 28, 2024 5:57 AM

Published May 28, 2024 6:04 AM

(NBC, KYMA/KECY) - The value of Elon Musk's artificial intelligence (AI) startup is on the rise after a new round of funding.

Musk's xAI is now valued at $24 billion after the startup raised $6 billion in Series B funding.

According to the company, the funding round was backed by investors including Andreessen Horowitz and Sequoia Capital.

The money will be used to take xAI's first products to market, build advanced infrastructure, and accelerate research and development of future technologies.

Investors have begun backing challengers to companies like OpenAI in the midst of the intensifying AI race.

After the funding was announced, Musk shared that more information will be released in weeks to come.

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Dillon Fuhrman

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