Musk goes for $1 billion financing round for start-up xAI

The company, founded this spring, plans to raise up to $1 billion through a stock offering, the SEC said. xAI says it has raised almost $135 million from four investors since the end of November. The company also says it has entered into a “binding agreement” with unnamed parties for the sale of the remaining shares.

Musk, who alongside Tesla is at the helm of SpaceX and X (formerly Twitter), founded the start-up to compete with OpenAI. At the beginning of November, the American multi-billionaire presented his own AI product, called Grok. That creation has access to information from X, of which Musk has a majority stake.