Elon Musks artificial intelligence company, xAI, disclosed this week it is looking to raise up to seven figures, but the tech billionaire says the start-up is not raising funds “right now.”
In a Securities and Exchange Commission (SEC) filing on Tuesday, X.AI Corp., doing business as xAI, announced its intention to secure $1 billion through an equity offering. The filing disclosed that over $134 million has already been successfully raised. According to the document, the company has formalized a binding and enforceable agreement for the purchase and sale of the remaining $865 million, signaling a significant financial undertaking for xAI. Elon Musks artificial
In response to a post on X by Deepwater Asset Management’s Gene Munster regarding financing, Elon Musk stated on Wednesday, “We are not raising money right now.” Munster’s post suggested that the fundraising efforts were indicative of Musk’s intention to compete with OpenAI and Anthropic.
According to the New York Post, citing an unnamed source, xAI is reportedly in the process of raising funds at a valuation ranging between $4 billion and $10 billion. This marks the first publicly known fundraising round for Elon Musk’s start-up, adding a layer of intrigue to the company’s financial developments.