Elon Musk's AI company xAI has secured $6 billion in a new round of funding. This is according to documents filed with the US Securities and Exchange Commission.

This means that xAI has raised a total of $12 billion, half of which was raised earlier this year, Techcrunch writes.

According to the Wall Street Journal, 97 investors participated, including heavy names like Valor Equity Partners, Sequoia Capital, Andreessen Horowitz and Qatar Investment Authority.

The target for xAI is set high. The company is aiming for a $50 billion valuation, which is double what it was six months ago. Interestingly, only previous investors were allowed to participate in this round, including those who funded Elon Musk's acquisition of X, formerly Twitter.

Since its inception last year, xAI has introduced its generative AI model, Grok, which is used to power features on X.

xAI has intended to purchase 100,000 AI chips from Nvidia with the money from the new funding, according to data provided to CNBC. The company plans to develop a supercomputer that could play a crucial role in Musk's various companies.

Investments in AI startups in the third quarter amounted to a whopping $31 billion, Techcrunch writes.