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The jury is still out on whether creators of popular artificial-intelligence chatbots will be able to work out business models that justify their hefty investments. But that hasn’t stopped those companies from racking up ever more money in the private market.
Valuations keep rising for some of the biggest AI unicorns, as evidenced by xAI’s announcement Tuesday that it had
raised $20 billion in a Series E round that exceeded its $15 billion target. CNBC in November reported that the Grok chatbot maker, launched in 2023 by Elon Musk, was expected to close a $15 billion funding round at a $230 billion premoney valuation.
