ALBAWABA - The Kingdom Holding Company (KHC), a Saudi conglomerate holding company based in Riyadh, announced the acquisition of $400 million stakes in xAI, the American startup company working in artificial intelligence (AI) founded by Elon Musk.
The Kingdom Holding Company invests in xAI
The Kingdom Holding Company (KHC) stated investing approximately $400 million (1.5 billion Saudi riyals) in xAI.
According to the company, this deal is marked the second as KHC previously invested around the same value in xAI. This recent investment aims to strengthen the partnership between Kingdom Holding Company and Elon Musk.
xAI was recently valued at approximately $45 billion (SAR 168.75 billion) after the recent KHC investment after it was valued at 25 billion (SAR 93.75 billion). (Shutterstock)
Notably, xAI is an American artificial intelligence company founded by Elon Musk and a team of engineers. The company develops artificial intelligence (AI) tools and programs to accelerate human scientific discovery. xAI works with other technology companies, including Tesla, SpaceX, and X.
xAI was recently valued at approximately $45 billion (SAR 168.75 billion) after the recent KHC investment after it was valued at 25 billion (SAR 93.75 billion).
xAI stated: “Announcing our Series C of $6B to accelerate our progress Investors participating include a16z, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners, Vy Capital, Nvidia, AMD, among others.”
