Elon Musk's AI company xAI just scored big (according to Reuters), raising a massive $6 billion in new funding. This sky-high investment values xAI at a whopping $24 billion as investors go all-in on challengers to top AI players like OpenAI. Big-name funders like Andreessen Horowitz and Sequoia backed the funding round, according to xAI's blog post on Sunday. Before this, xAI was valued at $18 billion, Musk said on social app X.

The huge cash influx will help xAI launch its first products, build advanced tech, and turbocharge their research, the company stated. "More news coming soon," Musk teased cryptically after the funding announcement. It's an AI investment frenzy as tech giants like Microsoft and Google parent Alphabet pour fortunes into leading the red-hot generative AI race. With its new war chest, xAI is gearing up to make some serious waves.