BroadChain, a financial news outlet, has learned that on May 27th, xAI, an artificial intelligence company owned by Elon Musk, announced the completion of a $600 million Series B funding round.
Participating investors in this funding round include Valor Equity Partners, Vy Capital, Andreessen Horowitz (a16z), Sequoia Capital, Fidelity Management & Research Company, Saudi Arabian Prince Alwaleed Bin Talal, and his company Kingdom Holding.
The funds raised in this round will be used to launch xAI’s first batch of products, develop advanced infrastructure, and accelerate future technological research.
Elon Musk stated that xAI has a pre-investment valuation of $18 billion.