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XAI Has Secured Funding Amounting To IDR 97.4 Trillion
Tuesday, 31 Dec 2024
Elon Musk's artificial intelligence (AI) company, xAI, has successfully raised $6 billion, equivalent to approximately IDR 97.4 trillion.
"The most advanced model of xAI is currently undergoing training, and we are now concentrating on launching innovative new consumer and enterprise products," xAI stated in a release cited by Tech Crunch on Sunday.
"The funds from this financing round will be utilized to further enhance our advanced infrastructure, deliver groundbreaking products, and accelerate research and development," it added.
This week, the company announced that several investors contributing to this funding round include Andreessen Horowitz, Blackrock, Fidelity, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners, Vy Capital, Nvidia, AMD, among others.
Kingdom Holdings, a Saudi Arabian firm, invested approximately $400 million (IDR 6.4 trillion) in this funding, according to public filings. The filings also revealed that xAI now holds a valuation of $45 billion, nearly double its previous valuation.
This new funding brings xAI's total capital raised to $12 billion (IDR 194.9 trillion), adding to the $6 billion previously secured in May.
Reports indicate that only investors who supported xAI in the previous fundraising round were permitted to participate in this latest funding. Investors who assisted in financing Elon Musk's acquisition of Twitter were reportedly granted access to up to 25 percent of xAI's shares.
