BroadChain Financial News has learned that on May 27th, xAI, an artificial intelligence company under the helm of Elon Musk, announced the completion of a $6 billion Series B financing round. Participating in the funding were Valor Equity Partners, Vy Capital, Andreessen Horowitz (a16z), Sequoia Capital, Fidelity Management & Research Company, Saudi Arabian Prince Alwaleed Bin Talal, and his Kingdom Holding company.
The funds raised in this round will be used to bring xAI’s first batch of products to market, establish advanced infrastructure, and accelerate the research and development of future technologies.
Elon Musk stated that xAI had a pre-investment valuation of $18 billion.
