Elon Musk's xAI raises $20 billion from investors including Nvidia, Cisco, Fidelity

Elon Musk’s xAI said it raised $20 billion in a funding round, exceeding its prior target of $15 billion.

CNBC reported in November that a financing would value the artificial intelligence startup at about $230 billion. After an initial report that xAI was raising $15 billion, Musk called the story “False” in a post on X.

Investors included Nvidia

and Cisco Investments

as well as long-time Musk company backers Valor Equity Partners, Stepstone Group, Fidelity, Qatar Investment Authority, Abu Dhabi’s MGX and Baron Capital Group.