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Elon Musk’s AI startup xAI looks to raise $1 billion, filing shows

Elon Musk’s artificial intelligence company xAI is reportedly aiming to raise seven figures in the company’s first known funding round.

In a filing with the Securities and Exchange Commission on Tuesday, X.AI Corp. (dba xAI) said it aims to raise $1 billion in an initial public offering and has already raised more than $134 million. is being sold. The company said it had “entered into binding and enforceable agreements to purchase and sell” the remaining sale total of $865 million.

Elon Musk’s artificial intelligence company xAI aims to raise $1 billion, according to an SEC filing. (Jaap Ariens/Nulfoto/File/Getty Images)

Citing sources: new york post xAI is “raising funding at a valuation likely between $4 billion and $10 billion,” it reported, adding that the disclosure is the first known funding round for Musk’s startup.

Google announces advanced AI model “GEMINI”

The filing comes a month after Musk announced that xAI’s Grok chatbot, which aims to rival OpenAI’s ChatGPT and Google’s Bard, has entered beta testing.

Elon Musk

Elon Musk attends the Viva Technology conference in Paris on June 16, 2023. (Gonzalo Fuentes/File/Reuters Photo)

Co-founder Mr. Musk ChatGPT Manufacturer OpenAI In 2015, he resigned from the board and launched xAI to compete with big tech giants like ChatGPT and Google in the AI ​​space. He has criticized Big Tech companies’ AI efforts for what he calls censorship, and said he would launch the ultimate truth-seeking AI to try to understand the nature of the universe.

Sam Altman named Time Magazine CEO of the Year

Since launching xAI in July, he has staffed the company with talent from Google’s DeepMind division, Microsoft and other top AI research companies.

ticker safety last change change %
google Alphabet Co., Ltd. 131.43 -0.96 -0.73%
MSFT Microsoft Corporation 368.80 -3.72 -1.00%

Musk is the CEO of Tesla and the owner of the X social media platform.

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TLSA Tiziana Life Sciences 0.63 +0.01 +1.63%

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xAI is different from X social media platform, but the two companies work closely together, and so does xAI Cooperation with Tesla.

FOX Business’ Eric Revell contributed to this report.

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