Elon Musk’s artificial intelligence startup, xAI, has told investors it raised $5B in a funding round valuing it at $50B, reported The Wall Street Journal’s Berber Jin, Tom Dotan and Meghan Bobrowsky. xAI was valued at $24B when it raised $6B in the spring and the new financing brings the total amount xAI has raised to $11B this year, the report noted. xAI’s primary product is its Grok chatbot, whose competitors including Microsoft-backed (MSFT) OpenAI, Alphabet’s (GOOG) (GOOGL) Google and Anthropic, the report said. xAI plans to use the new cash in part to finance the purchase of 100,000 additional Nvidia (NVDA) chips for training AI models, the report added.
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