PYMNTS.com October 29, 2024
Elon Musk’s xAI reportedly aims to raise “several billion dollars” in a funding round that would value it around $40 billion.
The funding discussions are in the early stages and the details could change, The Wall Street Journal (WSJ) reported Tuesday (Oct. 29), citing unnamed sources.
In a Series B funding round completed in May, xAI raised $6 billion and gained a pre-money valuation of $18 billion.
The company said at the time in a press release that it would use the new funding to take its first products to market, build advanced infrastructure and accelerate its research and development (R&D).
Noting the products it had launched in the 10 months since Musk announced the formation of the company in...
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