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Musk’s xAI raises US$6 bil in bid to challenge OpenAI

Bloomberg
Bloomberg • 2 min read
Musk’s xAI raises US$6 bil in bid to challenge OpenAI
Marquee venture capital names including Sequoia Capital and Andreessen Horowitz backed the fundraising, which is one of the largest so far in the industry. Photo: Bloomberg
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Elon Musk’s artificial intelligence startup xAI has raised US$6 billion ($8.10 billion) to accelerate its challenge to his former allies at OpenAI.

The Series B round, announced in a blog post on May 26, comes less than a year after xAI’s debut and marks one of the bigger investments in the nascent field of developing AI tools.

Musk had been an early supporter of artificial intelligence, backing OpenAI before it introduced ChatGPT in late 2022.

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