Elon Musk’s xAI completes $20 billion funding round with Nvidia backing
NEW DELHI: Tesla and SpaceX CEO Elon Musk’s artificial intelligence startup, xAI, has announced the completion of a $20 billion funding round from investors including Nvidia, Valor Equity Partners and the Qatar Investment Authority.
The company did not disclose individual investment amounts or the split between debt and equity, and named Stepstone Group, Fidelity Management & Research, MGX, Baron Capital Group and Cisco Systems Inc.’s investment group among other investors who participated in the funding.
xAI had planned for roughly $7.5 billion of equity and up to $12.5 billion of debt parked in a special purpose vehicle to buy Nvidia processors. The chips would be rented out for five years, allowing financiers to recoup their investment, according to reports.
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