The company’s pre-money valuation was $18 billion, Musk said in an article on X. He added that “there will be more to announce in the coming weeks.”
The money will be used to commercialize xAI’s first products, build advanced infrastructure and accelerate research and development of future technologies, xAI said.
“xAI will continue this strong trajectory of progress over the coming months, with multiple exciting technology updates and products to be announced soon. Funds from the round will be used to commercialize xAI’s first products, build advanced infrastructure, and accelerate research and development of future technologies,” the company said.
Companies like Google and Microsoft supported OpenAI are among the leading technology companies striving to dominate the field of generative AI. Musk was previously associated with OpenAI but left the company.
“xAI primarily focuses on developing advanced AI systems that are truthful, competent, and maximally beneficial to all humanity. The company’s mission is to understand the true nature of the universe,” the company added.
xAI is recruiting
Along with the funding announcement, the company also announced that it is recruiting for various positions.
“xAI is hiring for many positions and is looking for talented individuals ready to join a small team focused on making a significant impact on the future of humanity. Interested individuals can apply today at x.ai/careers,” the post said.
xAI has developed Grok AI Chatbot and recently updated it with a more powerful LLM to launch the improved Grok-1.5 model with long context capability.
