May 26 (Reuters) - Elon Musk's AI startup xAI raised $6

billion in series B funding, reaching a post-money valuation of

$24 billion as investors bet big on challengers to companies

like OpenAI in the intensifying AI race.

The funding round was backed by investors including

Andreessen Horowitz and Sequoia Capital, the company said in a

blog post on Sunday.

The company's pre-money valuation was $18 billion, Musk said

in a post on X.

The money will be used to take xAI's first products to

market, build advanced infrastructure and accelerate research

and development of future technologies, xAI said.

"There will be more to announce in the coming weeks," Musk

said in another X post, in response to the announcement of the

funding.

Companies like Microsoft ( MSFT ) backed OpenAI and

Alphabet's are among those leading the fierce race for

generative AI dominance, driving significant investments and

innovation in the rapidly evolving landscape.