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BlackRock, a16z back Elon Musk’s xAI in $6 billion funding round
Elon Musk’s artificial intelligence company, xAI, has announced a massive $6 billion funding round, with support from major investors such as BlackRock, Andreessen Horowitz (a16z), Fidelity, Morgan Stanley, and other prominent backers.
According to reports, the new capital injection will be utilized by xAI to further research and develop its generative AI model, Grok, as well as expand its infrastructure capabilities. The funds will also enable the company to accelerate its mission of making AI more accessible and efficient for industries worldwide.
In a statement, Elon Musk expressed his gratitude towards the investors, emphasizing that this investment milestone is a testament to xAI’s commitment to revolutionizing the AI landscape. “We are thrilled to have secured this significant funding round,” said Musk in an official press release. “This injection of capital will empower us to push the boundaries of what is possible with AI and unlock new possibilities for industries worldwide.”
The $6 billion raised brings the company’s total funding to a staggering $12 billion, eclipsing its previous fundraising efforts. This latest development adds fuel to speculation about xAI’s ambitious plans to surpass OpenAI’s GPT-5 in terms of natural language processing capabilities.
This comes as xAI continues to invest in the development and deployment of powerful AI models that can perform complex tasks such as coding, image generation, and language understanding. With this increased support from prominent investors, xAI is poised to become a dominant force in the AI market, with its sights set on disrupting traditional industries such as healthcare and finance.
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Source: cryptobriefing.com
