xAI has successfully raised $6 billion in Series B funding, as announced on May 27. Elon Musk, the company’s founder, disclosed that this funding round has increased xAI’s valuation from $18 billion to $24 billion. This achievement is notable considering xAI's launch just 11 months ago in July 2023.

The funding round attracted investments from prestigious entities such as Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal, and Kingdom Holding.

Regarding the utilization of these funds, xAI plans to deploy them towards launching initial products, enhancing infrastructure, and accelerating research and development efforts. Musk hinted at upcoming announcements in the following weeks via a social media post on X.

xAI’s core mission focuses on developing advanced AI systems that prioritize truthfulness, competence, and maximal benefits for humanity. The company aims to deeply understand the universe and its operations.

Industry experts anticipate that this substantial funding will bolster xAI’s competitive stance against leaders such as OpenAI, Google, and Anthropic in the race to dominate generative AI technologies. These companies are pivotal players driving substantial investments and innovation in the dynamic AI landscape.

In November, xAI introduced Grok, an AI-powered chatbot initially available to select paying users of X (formerly Twitter). Subsequent updates like Grok 1.5 have enhanced its capabilities in handling long context and images. xAI is currently expanding its team by recruiting engineers and researchers.

Musk emphasized xAI’s mission-driven approach, inviting individuals who align with their pursuit of understanding the universe through rigorous truth-seeking, unconstrained by popularity or political correctness, to join the company.