Elon Musk's xAI will get $6 billion (€5.5 billion) from investors to fund the development of artificial intelligence (AI) products, the company said.
The new funding will be used to bring the AI company's first products to market, build infrastructure and accelerate the research of future technologies.
"xAI will continue on this steep trajectory of progress over the coming months, with multiple exciting technology updates and products soon to be announced," the company said over the weekend.
xAI said it has made "significant strides" during the past year in developing the technology, which will continue in the coming months.
Investors in the latest round include Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research, Valor Equity Partners, Vy Capital, Saudi Prince Alwaleed Bin Talal and Kingdom Holding.
Musk wrote on the social media site X that before the investment that xAI had a valuation of $18 billion (€16.5 billion).
The funding should help Musk's company compete in a race to develop AI against Microsoft and Open AI, which created Chat GPT.
Musk unveiled the new company in July last year and released its AI chatbot called Grok in November.
