Newscenter Media News Based on a USD 18 billion pre-money value, Elon Musk’s AI company, xAI, is expected to raise USD 6 billion, indicating that it is making considerable progress in the AI business, according to reports.
This investment round demonstrates the strong investor interest and confidence in Musk’s ambitious AI project, as it would grant investors a 25% ownership in the business.
This additional funding round brings xAI’s total financing to $12 billion, on top of the $6 billion round it secured in the spring. Earlier in November, CNBC noted that xAI was aiming for a market valuation of $50 billion, which is twice as much as it had six months prior.
READ ALSO: Elon Musk offers $47 incentive to U.S. voters for petition signatures
The Financial Times claims that only investors who had supported xAI in its prior fundraising round were allowed to take part in this one. According to reports, up to 25% of xAI’s shares were made available to investors who contributed to Musk’s acquisition of Twitter.
Recall that Musk established xAI last year; shortly after, the business unveiled Grok, a flagship generative AI model that currently drives several X features, such as a chatbot that is available to X Premium subscribers and free users in some areas.
The post Elon Musk’s AI company, xAI, secures $6bn funding to boost ambition appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.