Elon Musk's startup raised $20 billion in a Series E funding round

xAI, the company founded by Elon Musk, has raised $20 billion in an expanded Series E funding round.

Initially, the startup planned to raise $15 billion, but due to strong interest from investors, the size of the round was increased. Participants include Nvidia and Cisco Investments, as well as major institutional investors such as Qatar Investment Authority and the UAE-based MGX investment fund. Valor Equity Partners, Fidelity, StepStone Group, and other funds also participated in the round.

xAI will use the raised funds to develop its own artificial intelligence models, expand its computing infrastructure, and build data centers. The company also plans to accelerate the development of new versions of its AI assistant Grok, which is integrated into the social platform X.

The round became one of the largest in the history of the AI market and strengthened xAI's position in competition with players such as OpenAI and Google DeepMind.

Source: Reuters