Saudi Arabia’s Kingdom Holding Company (KHC) has invested $400 million in Elon Musk’s AI startup, xAI, during its Series C funding round, marking KHC’s second investment in the company. The funding, sourced from KHC’s reserves, was disclosed on the Tadawul stock exchange. Founded by Musk, xAI focuses on advancing AI technology and collaborating with Musk’s other ventures like Tesla, SpaceX, and X (formerly Twitter).
xAI’s valuation has risen to $45 billion, up from $25 billion in its previous round. This investment strengthens KHC’s strategic partnership with Musk, complementing its stake in X and emphasizing KHC’s focus on emerging technologies in the AI sector.