A lot of compute is needed,” Mr. Musk said in a post about the financing, in which BlackRock, Fidelity and Sequoia participated.

Elon Musk’s artificial intelligence startup xAI revealed that it raised $6 billion in its latest funding round as the startup continues to ramp up in its battle against bitter rival OpenAI. Musk took a victory lap after announcing Monday on his social media platform X that the company concluded its Series C funding round — which is usually the final stage of venture capital financing.