Saudi Arabia, Qatar’s and Oman among investors in Musk’s xAI

Nvidia and AMD also support AI start-up of Elon Musk

Elon Musk’s artificial intelligence start-up, xAI, raised another $6 billion in its latest funding round, which includes participation from existing investor Saudi Arabia’s Kingdom Holding, as well as the Qatar Investment Authority and Oman Investment Authority (OIA), among others.

The series C funding round comes after the AI company raised $6 billion from its series B round in May, in which Saudi billionaire Prince Alwaleed bin Talal and his investment company Kingdom Holding took part.

Other investors from the previous round, including Valor Equity Partners, Vy Capital, Sequoia Capital and Fidelity Management & Research Company, along with A16Z, BlackRock, Lightspeed, MGX and Morgan Stanley, took part in the latest fundraise, xAI said.

Global chip majors Nvidia and AMD also participated and «continue to support xAI in rapidly scaling our infrastructure», the company said.

San Francisco-based xAI is the developer of the Grok generative AI chatbot, which is a rival to the likes of Google’s Gemini and market leader OpenAI’s ChatGPT.

«The funds from this financing round will be used to further accelerate our advanced infrastructure, ship groundbreaking products that will be used by billions of people, and accelerate the research and development of future technologies enabling the company’s mission to understand the true nature of the universe,» xAI said.

Last week, Oman’s sovereign wealth fund OIA also confirmed that it acquired a stake in xAI, although it did not reveal the size and value of the deal.