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Elon Musk’s A.I. Startup Files To Raise $1 Billion In Capital

Baystreet - Wed Dec 6, 2023
X.AI, an artificial intelligence startup company founded by Elon Musk, has filed with regulators to raise up to $1 billion U.S. in capital through an equity offering.

The company has already brought in $135 million U.S. from investors, according to filings with the U.S. Securities and Exchange Commission (SEC).

The A.I. company was launched by Musk in July. In November, X.AI released a chatbot called “Grok” that has real-time knowledge of the internet, the company has said.

Grok also aims to compete with companies such as ChatGPT creator OpenAI, which Musk helped start before leaving that project in 2018.

X.AI is one of several companies owned or led by Musk. In addition to his control of X, formerly Twitter, which he purchased last year, Musk is chief executive of both Tesla (TSLA)
and SpaceX.

People working on X.AI include alumni of DeepMind, OpenAI, Google Research, Microsoft Research, Twitter, and Tesla.

X.AI is privately held, and its stock does not trade on a public exchange. It’s not clear who has or will invest in the company through the upcoming equity offering.

Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.