Advertisement
UK markets closed

  • FTSE 100

    8,203.93
    -37.33 (-0.45%)
     

  • FTSE 250

    20,786.65
    +176.31 (+0.86%)
     

  • AIM

    774.39
    +4.97 (+0.65%)
     

  • GBP/EUR

    1.1819
    +0.0021 (+0.18%)
     

  • GBP/USD

    1.2813
    +0.0052 (+0.41%)
     

  • Bitcoin GBP

    44,951.42
    +637.21 (+1.44%)
     

  • CMC Crypto 200

    1,193.94
    -14.75 (-1.22%)
     

  • S&P 500

    5,567.19
    +30.17 (+0.54%)
     

  • DOW

    39,375.87
    +67.87 (+0.17%)
     

  • CRUDE OIL

    83.44
    -0.44 (-0.52%)
     

  • GOLD FUTURES

    2,399.80
    +30.40 (+1.28%)
     

  • NIKKEI 225

    40,912.37
    -1.28 (-0.00%)
     

  • HANG SENG

    17,799.61
    -228.67 (-1.27%)
     

  • DAX

    18,475.45
    +24.97 (+0.14%)
     

  • CAC 40

    7,675.62
    -20.16 (-0.26%)
     
Money:

What the new Labour government means for your money

Now that the dust has settled on the election we can take stock of what a Labour win will mean for your finances

Elon Musk's xAI startup raises $24 billion in funding

Reuters
·1-min read

Elon Musk's AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.

The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post on Sunday.

The company's pre-money valuation was $18 billion, Musk said in a post on X.

The money will be used to take xAI's first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.

"There will be more to announce in the coming weeks," Musk said in another X post, in response to the announcement of the funding.

ADVERTISEMENT

Tesla news: Elon Musk says Tesla aims to introduce a $25,000 model in 2025

Companies like Microsoft-backed OpenAI and Alphabet's GOOGL.O are among those leading the fierce race for generative AI dominance, driving significant investments and innovation in the rapidly evolving landscape.

This article originally appeared on USA TODAY: Elon Musk raises $24 billion for xAI startup