Elon Musk's AI startup seeks to raise $1 billion
An official filing to the US Securities and Exchange Commission on Tuesday said the company that Musk created earlier this year had already gathered $134.7 million and plans to raise $1 billion overall.
The filing added that there was a firm agreement to raise the full funds needed to meet the target, indicating that Musk may have deals in place for the full billion.
The wealthy entrepreneur and founder of electric carmaker Tesla started xAI in July after hiring researchers from OpenAI, Google DeepMind, Tesla, and the University of Toronto.
He said that the company's mission was to "understand the true nature of the universe."
OpenAI still recovering after Sam Altman chaos in November
Since OpenAI's generative AI tool ChatGPT exploded on the scene a year ago, the technology has been an area of fierce competition between tech giants Microsoft and Google as well as Meta and start-ups like Anthropic and Stability AI.
OpenAI reportedly secured commitments of $13 billion from Microsoft earlier this year.
According to reports, OpenAI was planning an imminent share sale that valued the company between $80 and $90 billion, but that sale has been delayed because of the boardroom chaos.
Cover photo: MICHAEL M. SANTIAGO / GETTY IMAGES NORTH AMERICA / GETTY IMAGES VIA AFP