xAI, the artificial intelligence start-up founded by billionaire Elon Musk, said on Monday it had raised $6 billion in a series C funding round, which included participation from NVIDIA (NASDAQ: NVDA) and AMD (NASDAQ: AMD).
The latest round puts xAI’s valuation at more than $40 billion, according to multiple reports, and comes after a series B funding round earlier this year also raised $6 billion.
Participants in this funding round included venture capitalist majors including a16z, Kingdom Holdings and Sequoia. Investment giants Morgan Stanley (NYSE:MS) and BlackRock (NYSE: BLK) also participated in the round, as did tech majors Nvidia and AMD.
xAI said the new funds will be deployed towards building more AI infrastructure and furthering the development of its flagship models.
The company aims to compete with major AI firms such as OpenAI with its Grok AI model.
Musk had founded xAI in March 2023.
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