Post by : Bianca
Haleem
Elon Musk’s AI venture, xAI, is engaged in advanced discussions to raise $15 billion in new funding, which could elevate the company’s valuation to about $230 billion, as per disclosures shared with investors on Tuesday.
Jared Birchall, Musk’s trusted wealth manager, reportedly presented this fundraising plan during a private investor briefing on Tuesday evening. It is unclear if the $230 billion figure is pre-money or post-money, but it signifies a substantial increase from xAI’s previously noted valuation.
The last significant valuation update was in March, post the merger with Musk’s social media platform, X, which pegged the company’s worth at $113 billion. The revised valuation hints at rising investor confidence amid an intensifying competition in the AI sector.
In response to inquiries, xAI provided an automated statement asserting, “Legacy Media Lies.” Reuters has been unable to independently verify the details of the funding and has not succeeded in contacting Birchall for further clarification.
Should this funding round materialize, it would position xAI among the top players in the global AI landscape, alongside other firms rapidly advancing their AI technologies. These discussions follow Musk’s public rejection of an earlier CNBC article stating xAI was raising $15 billion at a $200 billion valuation, labeling that report as “false.”
As negotiations continue without concrete verification, investors remain attentive to the possibility that this deal could solidify xAI’s swift ascent and reveal how the company would utilize this significant funding influx.
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