Elon Musk’s xAI start-up seeks to raise US$1 billion in equity
- Musk created xAI earlier this year to try to compete with other generative AI companies, including OpenAI, where Musk was a co-founder
- In November, Musk said that equity investors in X, formerly called Twitter, will own 25 per cent of xAI
Elon Musk’s artificial intelligence company xAI is seeking to raise US$1 billion in funding from equity investors, according to a new filing.
Musk has already raised nearly US$135 million, according to a document filed on Tuesday with the Securities and Exchange Commission, which does not include the names of investors. Axios earlier reported on the filing.
Musk created xAI earlier this year to try to compete with other generative AI companies, including OpenAI, where Musk was a co-founder.
The company has debuted one product, a chatbot called Grok, trained on data from the X social network, which Musk also owns. It is “designed to answer questions with a bit of wit and has a rebellious streak”, according to the xAI website.
In November, Musk said that equity investors in X, formerly called Twitter, will own 25 per cent of xAI. He also said that users of the social network who sign up for Premium+, a subscription priced starting at US$16 per month in the US, will get access to Grok.
