xAI, Elon Musk's AI Company, Raised $6 Billion To Compete With OpenAI's ChatGPT
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xAI, which is an Artificial Intelligence company owned by Elon Musk, was able to raise about $6 billion in a second round of financial funding. Some of the investors involved are: Sequoia Capital, Vy Capital, Prince Alwaleed Bin Talal, and Andreessen Horowitz.
The funds raised from this round will support xAI in making its first productions into the market place, create infrastructures that are enhanced, speed up research works, and help in the overall improvement of technologies for years ahead.
This specific round of financial fundraising increased the worth of xAI from $18 billion to 24 billion. And this significant surge in the worth of xAI, is experienced only 11 months after xAI company was established; which was in the month of July 2023.
While, OpenAI, which is the company that created the popular ChatGPT, is currently worth about $80 billion. Analysts estimate that the worth of OpenAI is reasonable considering that it was established in 2015, which is 8 years earlier when compared to xAI.