news 
BlackRock, a16z Back Elon Musk’s xAI in $6 Billion Funding Round
In a massive funding coup, Elon Musk’s artificial intelligence company, xAI, has secured a staggering $6 billion in Series C funding from major investors. Notably, BlackRock and Andreessen Horowitz (a16z) have joined the ranks of xAI’s existing backers in this monumental round.
The investment giant BlackRock has put its faith in xAI’s innovative approach to accelerating AI infrastructure and product capabilities, while a16z, known for their strategic investments in cutting-edge technologies, has further cemented its position as a stalwart supporter of Musk’s vision. Fidelity, Morgan Stanley, and other prominent investors have also committed significant capital to the company.
This funding will be instrumental in supporting xAI’s continued research and development of its generative AI model, Grok 3, which is touted as the most powerful iteration yet. The funds will also be allocated towards scaling up the company’s infrastructure, with NVIDIA and AMD providing critical support by supplying advanced GPU technology to fuel this growth.
This massive influx of capital brings xAI’s total funding to a whopping $12 billion, with the company valuing itself at around $50 billion – more than double its valuation just six months ago. The funds will be used to further develop AI capabilities in areas such as natural language understanding, image generation, and coding tasks.
In recent times, xAI has been busy launching several key initiatives, including Colossus, touted as “the world’s largest AI supercomputer.” Additionally, the company has released Aurora, a proprietary image generation model, and integrated Grok with the X platform to provide real-time information processing capabilities.
Source: cryptobriefing.com
