xAI gets $20 bn funding with Nvidia backing

ELON MUSK'S ARTIFICIAL intelligence company, xAl, said on Tuesday that it had raised $20 billion from investors to fund its expansion in the race to train the most intelligent chatbot.

- KATE CONGER

In a statement, xAI said it had sought to raise $15 billion but ended up getting more from eager investors. Two people with knowledge of the matter said the investment could push xAI’s valuation above $230 billion, which it was on track to hit when it was raising $15 billion. That would make xAI, founded in 2023, one of the fastest-rising companies in value for Mr. Musk.