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Facts Chronicle > Technology > Elon Musk Refutes Reports of xAI Securing $500 Million in Funding
Technology

Elon Musk Refutes Reports of xAI Securing $500 Million in Funding

Amelia Collins
Last updated: January 20, 2024 3:53 am
Amelia Collins Published January 20, 2024
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Elon Musk, the CEO of SpaceX and Tesla, has refuted reports claiming that his artificial intelligence (AI) company, xAI, has secured $500 million in commitments from investors towards a $1 billion target. Musk took to social media to address the issue, stating that the report was “simply not accurate.” However, sources familiar with the matter have revealed that xAI is in discussions about a valuation ranging from $15 billion to $20 billion, though terms remain subject to potential adjustments in the coming weeks.

Despite Musk’s denial of seeking funds for xAI, reports suggest that the AI startup is expected to finalise terms with investors in the next few weeks. Considerations are underway regarding the acquisition of computing power in addition to, or instead of, xAI equity shares. This comes in contrast to Musk’s statement in December of the previous year, in which he claimed that his AI company was not seeking funds, contradicting the startup’s filing with the US securities regulator, indicating a plan to raise up to $1 billion in an equity offering.

xAI was launched by Musk in response to the AI endeavours of Big Tech, which he has criticized for perceived excessive censorship and inadequate safety measures. The launch of xAI in July of the preceding year marked Musk’s entry into the AI industry, further expanding his portfolio of innovative and groundbreaking ventures.

In light of these developments, opinions on Musk’s involvement in the AI industry remain divided. Some view his entry into the sector as a positive step towards promoting ethical and responsible AI development, while others express concerns about the potential power and influence of xAI in the rapidly evolving technology landscape. As discussions and negotiations regarding xAI’s funding and valuation continue, the future of Musk’s AI company remains the subject of speculation and anticipation.

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