Kingdom Holding of Saudi Arabia to pour $400M into Musk’s xAI

Saudi Giant Doubles Down Big on AI Future with xAI

Kingdom Holding Company (KHC), the investment powerhouse of Saudi Arabia, has doubled down on its bet on artificial intelligence (AI) with a $400 million investment in Elon Musk’s xAI. This strategic move follows KHC’s initial investment in xAI during its Series B funding round earlier this year.  

Saudi Arabia Fueling AI Innovation with xAI Funding

The Saudi financing is a part of xAI’s recent $6 billion Series C funding round. This latest investment will fuel the company’s ambitious plans to develop cutting-edge AI models. Additionally, it will globally advance the field of artificial intelligence.

A Strategic Partnership

KHC’s investment from Saudi Arabia in xAI strengthens its existing strategic partnership with Elon Musk. The relationship with the American billionaire dates back to 2015. This strategic alliance positions KHC at the forefront of AI innovation. It aligns with the nation’s vision to invest in emerging technologies with the potential for significant global impact.  

Joining a Star-Studded Investor Lineup

xAI’s Series C funding round attracted a who’s who of investors, including industry giants like Blackrock, A16Z, Fidelity, Sequoia Capital, Morgan Stanley, Nvidia, and AMD. This impressive list of investors underscores the immense potential of xAI and the transformative power of AI technology.

A Growing AI Powerhouse

xAI, co-founded by Elon Musk, aims to develop cutting-edge AI models and work closely with other Musk-led companies, including Tesla, SpaceX, and X (formerly Twitter), to unlock the full potential of artificial intelligence. With its recent funding rounds, xAI has raised a staggering $12 billion this year, solidifying its position as a major player in the AI space.  

Looking Ahead

This strategic investment by KHC marks a significant milestone for both companies. By supporting xAI’s groundbreaking work in AI, KHC is not only positioning itself for future growth but also contributing to the advancement of this transformative technology.