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

Elon Musk's AI startup, xAI, has secured $6 billion in Series B funding, elevating its valuation to $24 billion. The funding, supported by notable investors like Andreessen Horowitz and Sequoia Capital, aims to propel xAI against major players like OpenAI and Alphabet's Gemini in the competitive AI market. The investment will help xAI launch its initial products, enhance infrastructure, and boost R&D efforts.

The series B funding round of xAI was participated by several prominent investors. These include:

1. Andreessen Horowitz
2. Sequoia Capital
3. Valor Equity Partners
4. Vy Capital
5. Fidelity Management & Research Company
6. Prince Alwaleed Bin Talal
7. Kingdom Holding

These investors contributed to the $6 billion funding, which lifted xAI's valuation to $24 billion after the investment.