Elon Musk xAI has just completed its latest funding round, raising $6 billion, according to a filing with the US Securities and Exchange Commission (SEC). The company also successfully raised $6 billion earlier this year, bringing its total capital to $12 billion. With this strong financial resource, xAI is expected to expand its generative AI initiatives and increase its competitive advantage in the market.
Elon Musk xAI Reaches $12 Billion in Total Capital After $6 Billion Funding Round
According to a recent report, Elon Musk xAI has successfully attracted $6 billion from investors, including Andreessen Horowitz, BlackRock, Fidelity, Nvidia and many others. What’s special is that this funding round only includes investors who have invested in the past, most of whom participated in supporting Musk in the acquisition of X (formerly Twitter).
The new capital brings the total amount raised by xAI to $12 billion. The company plans to use the funding to further develop its generative AI model, Grok, and expand its ecosystem. With the massive financial backing, xAI is aiming to compete head-to-head with industry giants like OpenAI and Anthropic.
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In addition, xAI’s Grok AI model currently offers a range of features on the X platform, including a chatbot for paid users and free in certain regions. Grok is known for its ability to generate images using the Flux generator tool, analyze images, and summarize trending news.
In October, xAI launched an API that allows developers to integrate Grok into third-party apps and platforms. At the same time, the company also introduced a standalone iOS app to test and expand its generative AI capabilities.
