Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Elon Musk’s AI startup now valued at $24 billion after fresh funding

by May 28, 2024
May 28, 2024
Elon Musk’s AI startup now valued at $24 billion after fresh funding

Elon Musk’s AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday.

The company’s pre-money valuation was $18 billion, Musk said in a post on X.

The money will be used to take xAI’s first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.

“There will be more to announce in the coming weeks,” Musk said in another X post, in response to the announcement of the funding.

Companies like Microsoft-backed OpenAI and Alphabet’s Gemini are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Sage Potash Closes Private Placement of $1,822,500
next post
China’s threats, ‘naked aggression’ loom large as House lawmakers meet Taiwan’s new president

Related Posts

ESPN, Fox and Warner Bros. Discovery to launch...

February 7, 2024

Rural town braces for Tyson plant closure as...

August 28, 2023

Delta CEO says carrier went ‘too far’ in...

October 1, 2023

Social Security Administration to remove food assistance as...

March 29, 2024

American Express CFO says spending picked up at...

January 26, 2025

YouTube is dominating the living room, forcing media...

June 28, 2024

Walmart is getting a bump from a surprising...

February 21, 2025

Klarna lands buy now, pay later deal with...

March 21, 2025

Roomba-maker iRobot announces it’s laying off 31% of...

January 30, 2024

YouTube will stream NFL Week 1 game in...

May 15, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Breakout Watch: One Stock in Each Sector to Watch Now

    • Small Caps Are Rotating In — Here’s Why It Matters

    • Want Faster, Lower Risk Trades? Use This Setup

    • The Seasonality Trend Driving XLK and XLI to New Highs

    • Copper Soars to All-time High as Trump Unveils 50 Percent Tariff on Imports

    • Apollo Silver; Right Assets, Right Management and Right Time

    Categories

    • Business (1,283)
    • Investing (2,658)
    • Politics (3,699)
    • Stocks (1,709)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved