Elon Musk's xAI announced Monday it raised $6 billion in a Series C funding round, putting the company's value at more than $40 billion as it continues to strengthen its AI products and infrastructure.

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$12 billion. That is how much money xAI has raised this year from their Series B and Series C funding rounds, which included investors such as Morgan Stanley, Kingdom Holding, Andreessen Horowitz, chip designer Nvidia and semiconductor firm AMD.

xAI has spent 2024 building its AI language models and the supercomputer used to train them. The computer, dubbed "Colossus," features 100,000 Nvidia graphics processing units used to train AI and will eventually be doubled in size, allowing it to take on a significantly high training workload. Sam Altman, the CEO of xAI competitor OpenAI, lauded the short time needed to get the supercomputer operational and said during The New York Times DealBook Summit he assumes Musk's firm will become "a really serious competitor" (OpenAI so far exceeds xAI's value with a massive $157 billion valuation). Grok 2, xAI's AI model, is available to users on X, formerly known as Twitter, though it does not yet operate on a standalone app the same way OpenAI's ChatGPT does. Grok 3 will reportedly boast more computing power and improved responsiveness of its predecessor, according to the chatbot.

What We Know About XAI As It Bolsters Itself For AI Race -- With $6 Billion In New Funding (Forbes)

Inside Elon Musk's Mad Dash To Build A Giant xAI Supercomputer In Memphis (Forbes)