tl;dr
Elon Musk's xAI is in talks to raise up to $6B, the Financial Times reported on Friday, with the billionaire businessman targeting a $20B valuation for artificial intelligence startup as it takes on rival Microsoft (MSFT)-backed OpenAI. The startup has courted wealthy individuals and investors...
Elon Musk's xAI is in talks to raise up to $6B, the Financial Times reported on Friday, with the billionaire businessman targeting a $20B valuation for artificial intelligence startup as it takes on rival Microsoft (MSFT)-backed OpenAI.
The startup has courted wealthy individuals and investors around the world in recent weeks, seeking to raise as much as $6B in fresh equity capital for xAI at a proposed valuation of $20B. Meanwhile, other AI startups like Anthropic and OpenAI have also been in talks to raise significant funding, with valuations potentially exceeding $20B and $100B, respectively. xAI's negotiations with investors, including sovereign wealth funds in the Middle East, Japan, and South Korea, are ongoing, as reported by the Financial Times. These developments coincide with the U.S. Federal Trade Commission's in-depth inquiry into recent investments and partnerships involving major companies like Google, Amazon, and Microsoft, highlighting the growing significance of AI startups in the global market.
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