May 26 Reuters Elon Musk39;s artificial intelligence startup xAI has raised 6 billion in a Series B funding round backed by investors including Andreessen Horowitz and Sequoia Capital among others, the company said in a blog post on Sunday.

The money will be used to take xAI39;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 a post on X, in response to the announcement of the funding.

The AI race has been heating up, with several investors signing big checks for startups looking to compete with market leaders like OpenAI.

Though xAI did not say what it was valued at after the latest round of funding, other media reports previously suggested the company would be valued at between 18 billion and 24 billion.

Reuters could not immediately verify the valuation with xAI.

Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Varun H K and Nivedita Bhattacharjee

Source Reuters