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Elon Musk’s artificial intelligence start-up xAI is looking to raise $1 billion from investors in an equity offering, according to a filing with the Securities and Exchange Commission.
The start-up has already raised $135 million from investors since Nov.29 and has a binding and enforceable agreement for the purchase of the remaining shares, it added in the filing.
The minimum investment from outsiders in the offering is $2 million, xAI said. The total remaining to be sold is just over $865 million, though the filing doesn’t name the investors buying in.
Musk, the CEO of
Tesla
and the owner of social media platform X (formerly known as Twitter) started xAI earlier this year as a way to catch up with other companies in the generative AI space, including OpenAI, which he helped found. xAI introduced a chatbot called Grok last month.
Musk said recently that investors in X will own 25% of xAI, and that premium subscribers on X would get access to Grok. xAI described the chatbot as having a “rebellious streak” with access to data from X.
The AI startup is competing with chatbots created by rivals including OpenAI’s ChatGPT, Google’s Bard, and Anthropic’s Claude.
Microsoft
has invested billions of dollars in OpenAI, while
Alphabet’s
Google and
Amazon
have invested billions in Anthropic.
xAI’s website said it is hiring in San Francisco for several positions including engineering roles and an “AI Tutor.” It also describes itself as a separate company from Musk’s X Corp., but “will work closely” with X, Tesla, and other companies “to make progress towards our mission.”
Write to Liz Moyer at [email protected]
Read the full article here
