Elon Musk’s xAI Raises $500 Million in Funding Towards $1 Billion Goal
Elon Musk’s artificial intelligence company, xAI, has raised $500 million in funding towards its $1 billion goal, with a target valuation of $15 billion to $20 billion. The company’s chatbot, Grok, uses social media posts on X (formerly Twitter) as a source of data, enabling it to provide more up-to-date answers. Investors in xAI are also likely to overlap with those who backed Musk’s takeover of Twitter. Equity investors in X are invited to invest at least 25% of their initial investment into xAI. Some parties are also considering obtaining computing power instead of or in addition to xAI equity shares.
