Elon Musk's xAI has raised $5 billion in new funding, elevating its valuation to $50 billion. The latest capital influx, reported by the Wall Street Journal, follows a previous $6 billion round in May. Investors in this round included Valor Equity Partners, Sequoia Capital, Andreessen Horowitz, and Qatar’s sovereign wealth fund. Musk's xAI, founded in July 2023, develops artificial intelligence aimed at competing with OpenAI. The company has introduced Grok, its AI chatbot integrated into X (formerly Twitter), and continued to evolve its offerings despite early setbacks. The AI market is expanding rapidly, with expectations of $632 billion in spending by 2028. Musk is actively seeking investments in the Middle East to fuel xAI's growth, having previously valued the company at $45 billion in October.

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