Elon Musk’s xAI raises $20 billion in Nvidia-backed funding round

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Elon Musk’s artificial intelligence startup xAI announced Tuesday it has raised $20 billion in its latest funding round, surpassing its initial $15 billion target as the company accelerates development of its Grok AI models.

Founded by Musk, xAI competes in an increasingly crowded generative AI market against OpenAI, Google, and Anthropic, among others.

The substantial funding round underscores continued investor appetite for AI ventures despite broader questions about achieving returns on the massive investments being made.

The oversubscribed round…



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Elon Musk’s xAI raises $20 billion in Nvidia-backed funding round



Elon Musk’s artificial intelligence startup xAI announced Tuesday it has raised $20 billion in its latest funding round, surpassing its initial $15 billion target as the company accelerates development of its Grok AI models.

Founded by Musk, xAI competes in an increasingly crowded generative AI market against OpenAI, Google, and Anthropic, among others.

The substantial funding round underscores continued investor appetite for AI ventures despite broader questions about achieving returns on the massive investments being made.

The oversubscribed round…



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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