xAI said on Tuesday that it has completed its Series E funding round, raising $20 billion — exceeding its initial target of $15 billion — as the artificial intelligence startup accelerates investment in large-scale computing infrastructure.

Investors participating in the round include Valor Equity Partners, Stepstone Group, Fidelity Management & Research, and the Qatar Investment Authority, the company said. Strategic backers Nvidia and Cisco Investments also joined the financing and will continue to support xAI’s expansion of its computing capacity.

The company said the proceeds will be used primarily to scale its global AI infrastructure, including the construction of what it aims to become the world’s largest GPU cluster, in order to support the training and deployment of next-generation foundation models.