Fidelity Investments has increased the valuation of Elon Musk’s artificial intelligence company Xai to $20 billion, according to a recent regulatory filing. This marks a significant increase from the $3.8 billion valuation assigned to Xai in March 2022. The filing reveals that Fidelity’s Blue Chip Growth Fund now values its stake in Xai at $15.86 per share, up from $3.06 per share previously. Xai, formerly known as X.ai, is a startup focused on developing advanced AI systems. Musk has been vocal about his ambitions for Xai, stating that it will work to create an “artificial general intelligence” that can match or exceed human capabilities. The company’s increased valuation reflects growing investor interest and optimism surrounding the potential of AI technologies.
Source: https://www.businessinsider.com/fidelity-boosted-the-value-of-xai-elon-musk-2024-12