Elon Musk’s synthetic intelligence (AI) firm, xAI, has secured $500 million in commitments from buyers towards a $1 billion purpose, Bloomberg News reported on Friday.
The synthetic intelligence (AI) startup xAI is discussing a valuation of $15 billion to $20 billion, although phrases may nonetheless change within the coming weeks, the report added, citing individuals aware of the matter.
Musk and buyers are anticipated to finalize phrases within the subsequent couple of weeks, and a few events are evaluating whether or not they can get computing energy along with, or in some instances as an alternative of, xAI fairness shares, Bloomberg reported.
xAI couldn’t be instantly be reached for remark.
Last December, Musk mentioned his synthetic intelligence firm was not elevating funds, a day after the startup filed with the U.S. securities regulator to lift as much as $1 billion in an fairness providing.
Musk launched xAI in July final yr in response to Big Tech’s AI efforts, which he has criticized for extreme censorship and an absence of enough security measures.
Source web site: www.hindustantimes.com
