Riyadh – Sharikat Mubasher: xAI, Elon Musk’ artificial intelligence company, announced raising $6 billion in a C-series funding round, upping the company’s value at more than $40 billion as it continues to strengthen its AI products and infrastructure.

The fundraising featured multiple investors include Blackrock, A16Z, Saudi Arabia's Kingdom Holding Company, Fidelity, and Sequoia Capital, with the latter three previously have participated in xAI's $6 billion Series B funding round in May this year.

The company stated on its website that it would use the newly raised capital to continue building its infrastructure and accelerate research and development.

Oman Investment Authority (OIA) earlier announced acquiring a stake, in a move to diversify its international portfolio and support growth across various sectors.