Elon Musk‘s artificial intelligence startup, known as xAI, has received a $6 billion boost, constituting one of the industry’s largest-ever funding rounds to date.

Investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed bin Talal, and Kingdom Holding, will help xAI compete against Microsoft and OpenAI, which produced ChatGPT.

“The funds from the round will be used to take xAI’s first products to market, build advanced infrastructure, and accelerate the research and development of future technologies,” xAI wrote Sunday on its website.

Musk shared the news on X, formerly known as Twitter, contending xAI’s valuation before the Series B funding round was $18 billion.

Musk launched xAI last July and unveiled its chatbot, Grok, last November. Grok, which is only available to X Premium subscribers, has since been updated to improve long context capability and image understanding. Musk is speculated to be trying to create his own AI supercomputer by next fall.

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Musk co-founded OpenAI in 2015, but he resigned in 2018 and later sued the company over claims it had abandoned its mission.