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xAI, the artificial-intelligence startup founded by Tesla CEO Elon Musk, said Tuesday that it had raised $20 billion as it continues to develop its Grok chatbot.
The company
said its Series E funding round exceeded its $15 billion target. It raised funds from investors including Fidelity Management and Research, the Qatar Investment Authority, and Valor Equity Partners, an investment firm led by former Tesla TSLA board member Antonio Gracias. Cisco Investments and Nvidia were strategic investors, xAI said.