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Elon Musk xAI Secures $6B To Boost Generative AI Expansion: Details

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Elon Musk xAI has raised $6 billion in its latest funding round, according to a filing with the U.S. Securities and Exchange Commission. This round adds to the $6 billion raised earlier this year, bringing the company’s total funding to $12 billion. The capital injection positions xAI to expand its generative AI initiatives and enhance its competitive edge.

Elon Musk xAI Achieves $12B Total Funding After Latest $6B Round

According to a recent report, Elon Musk xAI has successfully secured $6 billion from investors, including Andreessen Horowitz, BlackRock, Fidelity, Nvidia, and others. This latest funding round exclusively involved previous investors, many of whom had supported Musk’s acquisition of X (formerly Twitter).

The funds bring xAI total capital raised to $12 billion. The company plans to use this funding to accelerate the development of its generative AI model, Grok, and expand its ecosystem. This substantial financial backing positions the firm to compete with industry leaders such as OpenAI and Anthropic.

Moreover, the Grok AI model, developed by xAI, powers a range of features on X, including a chatbot available to premium and free users in select regions. Known for its functionality, Grok can generate images through the Flux generator, analyze visuals, and summarize trending news.

In October, xAI launched an API allowing developers to integrate Grok into third-party apps and platforms. The company also introduced a standalone iOS app for testing, further extending its generative Artificial Intelligence capabilities.

Memphis Data Center and Infrastructure Upgrades

To support its ambitious goals, Elon Musk xAI operates a Memphis data center equipped with 100,000 Nvidia GPUs. The facility, constructed in just 122 days, currently relies partly on diesel generators. According to the blog post, the company has plans to double the center’s capacity in 2025, securing approval for additional power.

The upgraded infrastructure will also benefit Tesla, with plans to integrate xAI’s developments into autonomous driving technologies. This expansion reflects Elon Musk’s vision to enhance AI applications across industries.

While Elon Musk’s xAI has made rapid advancements, it continues to face fierce competition. Rivals such as Anthropic and OpenAI have also secured billions in funding.

Following the growing competition, earlier this month, the Tesla CEO filed a lawsuit against OpenAI and Microsoft, accusing them of anti-competitive practices. The lawsuit alleges that OpenAI coerced investors to avoid supporting rivals like Musk’s xAI. Musk’s legal team claims that Microsoft’s $13 billion investment in OpenAI led to conflicts of interest and market manipulation

In addition, Meta CEO Mark Zuckerberg emphasized the need for stricter oversight to prevent nonprofit entities from exploiting their status for financial gain. Joining Elon Musk, Zuckerberg called for a formal investigation into OpenAI’s transition, highlighting potential misuse of tax-exempt donations and resources.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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XRP Price Pumps 7% On Christmas Eve, Will It Reach Yearly Highs?

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The XRP price is currently enjoying a nice recovery, having pumped over 7% on Christmas Eve. Based on several analyses, XRP could be eyeing a rally to its yearly high of $2.91.

XRP Price Eyes Current ATH Following Latest Pump

The XRP price is eyeing a rally to its current ATH following its 7% gains on Christmas Eve. Crypto analyst Javon Marks recently mentioned that XRP’s 4-hour chart is coming off a Hidden Bullish Divergence confirmation.

He added that this suggests that XRP could recover over 30% to its 2024 high of $2.91, which could be on the horizon. The crypto analyst added that a continuation of this uptrend can lead to a new all-time high (ATH).

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Marks is confident that this projected rally is a matter of when not if. In anticipation of this rally, Ripple Whales have accumulated 40 million XRP, which also provides a bullish outlook for the crypto.

Crypto analyst CrediBULL Crypto also provided a bullish outlook for the XRP price. He stated that the XRP/BTC chart looks absolutely “fantastic.” He suggested that a parabolic rally was on the horizon while revealing that he was looking to open another long position.

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The crypto analyst added that XRP’s chart is still the most bullish looking in the entire space off the lows. He believes that the crypto is just a “powder key building pressure.”

Double Bottom Pattern Adds To Bullish Sentiment

In an X post, crypto analyst CasiTrades stated that the XRP price has essentially formed a double bottom as it bounces around key Fibonacci levels. The analyst added that XRP is now getting a bullish wave.

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However, she warned that the crypto is still under $2.38, meaning that it is still technically within this recent price correction. As the Relative Strength Index (RSI) and price climbs, CasiTrades noted that the structure looks promising and that XRP is still on track for the wave, pushing toward D targets around $2.60.

Her accompanying chart showed that the XRP price could reach this Wave D target by December 26. Thus, she remarked that the crypto still has time to achieve this target.

In the long term, a CoinGape market analysis showed that XRP could still reach double digits as it rises to $10. Fundamentals such as the RLUSD stablecoin and a potential end to the Ripple SEC lawsuit support such bullish projections.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Here’s What To Expect After Pectra Upgrade

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Amid its evolutionary journey, the Ethereum protocol is set to undergo another major upgrade dubbed Pectra in the first quarter of 2025. For a long time, developers have worked on this upgrade, adding and removing EIPs amid functionality review. However, many wondered what comes next after the coming Pectra upgrade. Here is where the Fusaka upgrade comes in.

Ethereum Fusaka Upgrade: The Pectra Enhancer

For various reasons, developers had to drop some improvements initially designated for inclusion in Pectra upgrade. Some of these EIPs will now be a part of the Fusaka upgrade. It is worth noting that the anticipated enhancements will help Ethereum and its associated Layer-2 solutions sustain their Decentralized Finance (DeFi) growth traction.

According to Galaxy Research Vice President and core Ethereum developer Christine Kim, stakeholders have not yet completed the scope of Fusaka as of now. This makes estimating the timeline for its launch fairly harder.

However, she noted that developers will focus on the original 12 code changes in the original Pectra EIPs for Fusaka. These changes are subdivided into EOF Code changes and PeerDAS. When Pectra goes live, developers may now focus on what changes need to go live with Fusaka and which might have to drop.

One of the major Ethereum Improvement Proposals billed for Fusaka is EIP 7549. This EIP will help improve the main chain’s ability to scale through Layer-2 rollups. According to a Galaxy Research note from October, this improvement will “implement a new networking protocol to increase blob capacity while keeping the computational load on nodes unchanged.”

Other major EIPs that will accompany Fusaka include EIP 3670 for “Code Validation” and EIP4750 to enhance “Functions.”

Notably, Fusaka may contain more than the 12 EIPs, a decision core devs will make when the upgrade is fully in focus.

The ETH Price Undertone

Amid the growing competition in the broader DeFi ecosystem, Ethereum L2s remains one of the biggest beneficiaries. However, Ethereum price might also need this upgrade as key fundamental updates might be the missing ingredient to trigger a new run in the the coin’s spot valuation.

Notably, ETH price suffered a major drawdown that pushed it below $4,000 mark over the past few weeks.

As of writing, ETH price was changing hands for $3,479.25, up 1.09% in 24 hours. With more upgrade comes enhanced functionalities which can drive adoption within the ETH ecosystem. This trend may help fuel increased demand for ETH, pushing its price to a new high.

Beyond Pectra and Fusaka, Ethereum developers are also eyeing Beam Chain consensus layer upgrade. Lately, there has been silence regarding this proposition.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Cardano Price Eyes Rally To New Highs As Bull Flag Appears

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The price of Cardano (ADA) has joined the so-called Santa rally, a trend that is amusing investors after a very volatile week. Earlier, the price of the coin dropped to a 4-week low of $0.7659 and entering a short period of consolidation afterward. With the latest bullish uptick, the digital currency is likely to leverage its bull flag setup to soar higher.

ADA Price and Future Projections

At the time of writing, the price of the ADA has jumped by 6.66% and was changing hands for $0.9412. According to market analyst @Av_Sebastian, there is a whole lot of reasons to agree with the ADA bull flag formation. He presented an ADA/USD 1D chart that shows Cardano breaking out around the $0.93 price mark.

Notably, this price level formed a strong resistance for ADA over the past week. With just a few attempts to break above this level within this period, the ongoing rally marks a significant stride. The bull flag is a technical setup formed in periods of consolidation within an uptrend.

If Cardano ends up with a bullish candle on the daily, the coin might eventually break the $1 price mark in the short term. This projection aligns with previous ADA price analysis where top analysts project a $2.60–$2.80 based on Elliott Wave projections.

Is Cardano Undervalued?

Cardano is a Proof-of-Stake (PoS) protocol, considered as an Ethereum killer. Many see the coin as undervalued, considering its growing role in the Decentralized Finance (DeFi) ecosystem.

Despite the growing backlash against the protocol and its founder Charles Hoskinson, the push for growth remains intact. Recently, Hoskinson proposed that the Cardano Foundation should move to Abu Dhabi or Wyoming in a bid to drive community governance.

The protocol, through the Chang hard fork upgrade, has made significant strides to democratize its governance systems. This, and alliances like the Bitcoin DeFi push makes ADA an appealing coin for long term growth.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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