The post Elon Musk’s XAI Startup Nears $18 Billion Valuation In Funding Frenzy appeared first on Coinpedia Fintech News
Elon Musk’s artificial intelligence venture, xAI, is on the cusp of securing a funding round that would value the company at $18 billion, reports Bloomberg. The surge in investment mirrors the heightened competition in the AI sector, with xAI competing against rivals like OpenAI and Anthropic and tech giants like Meta, Microsoft, and Google. However, the details on the funding round, expected to close imminently, continues to be fluid. Investors like Sequoia Capital are drawn to Musk’s track record at Tesla and SpaceX, as well as xAI’s connection to Musk’s social media platform X, a valuable data source for training AI models.