xAI, Elon Musk’s artificial intelligence startup aiming to rival ChatGPT developer OpenAI, is set to close a massive $6 billion funding round that values the 10-month-old company at a staggering $18 billion.
TechCrunch reports that according to a trusted source close to the deal, xAI’s funding round is expected to finalize in the coming weeks, giving investors a 25 percent stake in the company. The investment terms were recently adjusted upward from the initial $3 billion raise at a $15 billion pre-money valuation due to strong investor demand.
Elon Musk’s Halloween costume (Taylor Hill /Getty)
Notable participants in the round include Sequoia Capital, Future Ventures (co-founded by Musk’s longtime friend Steve Jurvetson), and likely Valor Equity Partners and Gigafund, whose founders are part
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