Musk denies report his AI company secures US$500 million toward US$1 billion funding goal
ELON Musk has said a report that his artificial intelligence (AI) company, xAI, has secured US$500 million in commitments from investors toward a US$1 billion goal is inaccurate.
“This is simply not accurate,” he said in a reply to a user post about the Bloomberg article on social media platform X.
The AI startup xAI is discussing a valuation of US$15 billion to US$20 billion, though terms could still change in the coming weeks, Bloomberg reported, citing people familiar with the matter.
xAI could not be immediately be reached for comment.
Musk and investors are expected to finalize terms in the next couple of weeks, and some parties are evaluating whether they can get computing power in addition to, or in some cases instead of, xAI equity shares, Bloomberg reported.
Last December, Musk said his artificial intelligence company was not raising funds, a day after the startup filed with the US securities regulator to raise up to US$1 billion in an equity offering.
Musk launched xAI in July last year in response to Big Tech’s AI efforts, which he has criticized for excessive censorship and a lack of adequate safety measures. REUTERS
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