Elon Musk's xAI raises $20 billion in NVIDIA-backed funding round

Elon Musk's AI startup xAI has raised $20 billion in an upsized Series E funding round. Valor Equity Partners, Stepstone Group, Fidelity Management & Research Company, Qatar Investment Authority and Baron Capital Group were among the investors that participated in the round. NVIDIA and Cisco Investments joined as strategic investors, the startup said.