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AU Financial Review

Musk's xAI seeks to raise $6.6b in further PE funding

Elon Musk's artificial intelligence startup xAI is in talks to raise $US4.3 billion ($6.6 billion) through an equity investment on top of the $US5 billion it has recently been trying to borrow from debt investors, according to information the company shared with investors who asked not to be identified because it is private. Musk's company, which is responsible for the AI chatbot Grok, needs the new money, in part, because it has already spent most of what it previously raised, the materials shared with investors indicate.