Elon Musk's xAI is now worth $24 billion after fresh funding
The pre-money valuation of the company was $18 billion
Abdul Wahab Butt 
In an increasing AI competition, investors were placing large bets on challengers to OpenAI and other industry leaders, and Elon Musk's AI startup xAI was no exception, raising $6 billion in series B funding and attaining a post-money valuation of $24 billion, according to Reuters.
Investors backing the investment round included Sequoia Capital and Andreessen Horowitz, the company announced in a blog post on Sunday.
In an X post, Musk stated that the company's pre-money valuation was $18 billion.
According to xAI, the funds will be utilized to construct cutting-edge infrastructure, launch the company's initial products, and quicken the creation of new technologies.
In reaction to the investment announcement, Musk stated in another X post, "There will be more to announce in the coming weeks."
Leading the intense competition for generative AI supremacy are companies like Alphabet and Microsoft-backed OpenAI, which are propelling large investments and innovation in the rapidly evolving field.
