According to Bloomberg, xAI, an artificial intelligence company owned by Elon Musk, is close to finalizing a deal to receive additional funding in a new round led by investment funds including Sequoia Capital, Andreessen Horowitz, and Valor Equity Partners, totaling around $10 billion, valuing the company at approximately $7.5 billion.
If the agreement goes through as planned, xAI will have received funding from investors totaling around $22.4 billion, although these figures may be subject to change.
The news of this new funding round comes alongside reports that xAI is in talks to acquire servers from Dell worth a total of $5 billion, in order to expand its AI processing capabilities. Additionally, it has been revealed that a new model, Grok 3, is set to be unveiled in the coming weeks.
Source: TechCrunch
TLDR: xAI, owned by Elon Musk, is close to securing a deal for additional funding from investment funds, with plans to acquire servers from Dell and unveil a new AI model.
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