Elon Musk’s xAI raised $20 billion in an oversubscribed funding round that exceeded its initial $15 billion target, with backers including Valor Equity Partners, Fidelity, and the Qatar Investment Authority. Nvidia also participated in the round and committed to supply AI chips for xAI’s infrastructure expansion. xAI operates the Colossus data centers in Memphis, housing more than a million GPUs, and serves roughly 600 million monthly active users across its Grok models and the X platform. The company is currently developing its next model, Grok 5.
