Elon Musk’s AI startup xAI plans to raise $6 billion at a company valuation of $20 billion, the Financial Times has learned. Musk has global investors from Japan, Hong Kong and the Middle East. Getting their investment would help xAI compete with Microsoft-backed OpenAI.
Artificial intelligence startup xAI, founded by billionaire Elon Musk, plans to raise $6 billion from global investors. The Financial Times writes about this citing sources.
xAI hopes to raise funds when the company is valued at $20 billion and Musk is negotiating with investors from the Middle East, Japan, Hong Kong and South Korea, the newspaper said.
Receiving investments from global investors would help Elon Musk’s company compete with OpenAI, which is backed by Microsoft.
By the end of 2023, xAI had already filed documents with the SEC that it intended to raise $1 billion. Previously, xAI had raised $500 million, Bloomberg reported.
The key development of the xAI startup is the Grok chatbot. It is connected to the social network X (formerly Twitter), from which it accesses data in real time.
Author:
Kirill Bilyk
Source: RB
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