Elon Musk's xAI seeks $146 billion valuation in $387 million share sale, report says
SAN FRANCISCO - Mr Elon Musk's xAI is seeking a valuation of US$113 billion (S$146 billion) in a share sale worth US$300 million (S$387 million), the Financial Times reported on June 2, citing people close to the situation.
The deal would allow employees to sell shares to investors and a larger investment round is expected to follow the secondary stock offer, in which xAI will offer new equity to outside investors, the FT report said.
The artificial-intelligence startup acquired X, Mr Musk's social media business, in March.
The deal valued xAI at US$80 billion and social media platform X - formerly known as Twitter - at US$33 billion, Mr Musk had said then.
XAI did not immediately respond to a Reuters request for comment on the FT report.
Mr Musk recently stepped back from the Trump administration after the Tesla CEO ended a chaotic four-month stint leading the administration's sweeping cost-cutting campaign. US President Donald Trump, however, said Mr Musk would remain a close adviser.
During an earnings call in April, Mr Musk had said he would refocus his attention on the EV maker.
XAI was launched less than two years ago and was in talks with investors to raise roughly US$20 billion in funding for the combined AI startup and social media business, Bloomberg News reported in April. REUTERS
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