Elon Musk biographer Walter Isaacson joins “The Evening Edit” to discuss news about a film adaptation of his New York Times bestseller “Elon Musk” and ponder the ideal actor for the role.
Elon Musk’s artificial intelligence company, xAI, announced this week that it is looking to raise up to seven figures, but the tech billionaire says the startup is not raising funds “at this time.”
In a filing with the U.S. Securities and Exchange Commission on Tuesday, X.AI Corp. (dba xAI) announced that the company plans to raise $1 billion in a stock offering, with more than $134 million already sold. The document said the company had entered into “a binding and enforceable agreement to purchase and sell” the total $865 million remaining to be sold.
Elon Musk’s artificial intelligence company xAI is looking to raise $1 billion, according to an SEC filing. (Jaap Arriens/NurPhot/File/Getty Images)
In response to a post on X by Deepwater Asset Management’s Gene Munster on Wednesday regarding the funding, Musk said: “We are not raising any money at this time.”
Munster’s post said the fundraising meant Musk wanted to compete with OpenAI and Anthropic.
Citing a source, the New York Post reported that xAI is “raising money at a valuation likely to be between $4 billion and $10 billion,” adding that the revelation is the first known fundraising round for Musk’s start-up.
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The filing comes a month after Musk announced that xAI’s Grok chatbot, designed to compete with OpenAI’s ChatGPT and Google’s Bard, had entered beta testing.
Elon Musk attends the Viva Technology conference in Paris on June 16, 2023. (Gonzalo Fuentes / File / Portal Photos)
Musk, who co-founded ChatGPT maker OpenAI in 2015 and left the board in 2018, launched xAI to compete with ChatGPT and other Big Tech heavyweights like Google in the AI space. He criticized Big Tech companies’ AI efforts for what he calls censorship and said he would launch a maximal truth-seeking AI that attempts to understand the nature of the universe.
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Since launching xAI in July, he has staffed the company with people from Google’s DeepMind division, Microsoft and other leading AI research companies.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOG | ALPHABET INC. | 131.43 | -0.96 | -0.73% |
| MSFT | MICROSOFT CORP. | 368.80 | -3.72 | -1.00% |
Musk is also the CEO of Tesla and the owner of the social media platform X.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TLSA | TIZIANA LIFE SCIENCES | 0.63 | +0.01 | +1.63% |
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xAI is different from the social media platform X, although the two companies work closely together and xAI also works with Tesla.
FOX Business’ Eric Revell and Portal contributed to this report. This story has been updated to add Musk’s comment denying that xAI is currently raising funds.