Nvidia (NVDA) and xAI are set to join a partnership between BlackRock (BLK) and Microsoft (MSFT) to invest billions in expanding the infrastructure needed to power artificial intelligence projects.

BlackRock and Microsoft, along with investment firms Global Infrastructure Partners and MGX, first announced the $30 billion fundraising effort in September. On Wednesday, the companies said AI heavyweight Nvidia and Tesla (TSLA) CEO Elon Musk's startup xAI will join the renamed AI Infrastructure Partnership (AIP).

GE Vernova (GEV) and NextEra Energy (NEE) will also collaborate with the group to "accelerate the scaling of critical and diverse energy solutions for AI data centers," the companies said.

The group said its efforts have "attracted significant capital and partner interest since its inception," but did not say how much of its planned $30 billion goal it has raised since September.

"We believe this unparalleled partnership of leading global companies across the AI ecosystem brings technology expertise together with private capital to meet this demand," BlackRock CEO Larry Fink said.

Nvidia shares were up 1% premarket Wednesday, on the heels of a 3% decline Tuesday as markets reacted to CEO Jensen Huang's keynote at the GTC Conference. Shares of Microsoft, BlackRock, GE Vernova, and NextEra were all little changed Wednesday morning.