Elon Musk’s xAI raises $6 billion to fund its race against ChatGPT and all the rest

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Elon Musk founded xAI last summer, and today it announced raising $6 billion in funding, saying it will help bring the startup’s “first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.”

So far, xAI has launched Grok, a supposedly edgier version of OpenAI’s ChatGPT available via X, formerly known as Twitter, where the chatbot is currently only available to X Premium subscribers.

Funding in this round came from several sources, according to xAI, including Andreessen Horowitz, Sequoia Capital, and Saudi Arabian Prince Al Waleed bin Talal. Last year, a filing with the Securities and Exchange Commission showed that xAI was looking to raise up to $1 billion in equity investments, and a few months ago, The Financial Times reported it was seeking up to…. $6 billion. Musk denied that report at the time.

Continuing on in the AI race for chips, talent, and technology won’t be cheap — big tech firms have dumped billions into AI startups like Anthropic in addition to the resources Google, Apple, Amazon, Microsoft, and Meta are pouring into AI projects of their own.

Outside of xAI and OpenAI, Musk said he would “prefer to build products outside of Tesla” when it comes to AI and robotics unless he gets more control. Tesla shareholders will start voting this week on whether to restore Musk’s $56 billion pay package ahead of its annual meeting on June 13th.



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Elon Musk’s xAI raises $6 billion to fund its race against ChatGPT and all the rest


Elon Musk founded xAI last summer, and today it announced raising $6 billion in funding, saying it will help bring the startup’s “first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.”

So far, xAI has launched Grok, a supposedly edgier version of OpenAI’s ChatGPT available via X, formerly known as Twitter, where the chatbot is currently only available to X Premium subscribers.

Funding in this round came from several sources, according to xAI, including Andreessen Horowitz, Sequoia Capital, and Saudi Arabian Prince Al Waleed bin Talal. Last year, a filing with the Securities and Exchange Commission showed that xAI was looking to raise up to $1 billion in equity investments, and a few months ago, The Financial Times reported it was seeking up to…. $6 billion. Musk denied that report at the time.

Continuing on in the AI race for chips, talent, and technology won’t be cheap — big tech firms have dumped billions into AI startups like Anthropic in addition to the resources Google, Apple, Amazon, Microsoft, and Meta are pouring into AI projects of their own.

Outside of xAI and OpenAI, Musk said he would “prefer to build products outside of Tesla” when it comes to AI and robotics unless he gets more control. Tesla shareholders will start voting this week on whether to restore Musk’s $56 billion pay package ahead of its annual meeting on June 13th.



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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