Elon Musk’s AI startup, xAI, raised nearly $6 billion in equity financing, as disclosed in a filing by its CFO, Jared Birchall, marking a significant step in its expansion within the competitive AI market. A total of 97 investors contributed to the funding, which follows a $5 billion funding round in November that valued xAI at $50 billion—more than doubling its valuation from earlier in the year. The funds will support xAI’s acquisition of 100,000 Nvidia chips for AI model training and the development of its supercomputer site, bolstering its capacity against competitors like OpenAI, Google, Meta, and Anthropic. Despite reaching $100 million in annualized revenue, xAI trails far behind OpenAI, which boasts $3.7 billion in projected annual sales and a $157 billion valuation. xAI’s valuation is comparable to Anthropic, seeking a $40 billion valuation, as it aims to establish itself as a major player in AI. Continue here.
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