Elon Musk’s artificial intelligence startup xAI announced earlier this week that it raised $6 billion in a Series C funding round. This gives the company a valuation of roughly $45 billion compared to $24 billion just six months ago.
According to xAI’s announcement, the Series C funding round saw participation from Blackrock, Fidelity Management & Research Company, Kingdom Holdings, Morgan Stanley, and Sequoia Capital among others. Semiconductor makers Nvidia and Advanced Micro Devices (AMD), which the company refers to as strategic investors, also took part in the funding round.
“The funds from this financing round will be used to further accelerate our advanced infrastructure, ship groundbreaking products that will be used by billions of people, and accelerate the research and development of future technologies enabling the company’s mission to understand the true nature of the universe,” xAI shared in a statement.
The company also provided an update on the latest version of its AI chatbot Grok, which is labeled as its “most powerful model yet.” Grok 3 is currently being trained and will be released as soon as the process is completed. Musk previously promised that Grok 3 will roll out by the end of 2024.
xAI had its Series B funding round in May, during which it also raised $6 billion. Reportedly, only the investors who took part in Series B were allowed to participate in Series C.