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Elon Musk's XAI Files Raise Up to $1 Billion in Equity Offering

Updated: Jan 5

[Edited] In a recent filing with the U.S. securities regulator, Elon Musk's artificial intelligence startup, xAI, has announced its intention to raise up to $1 billion in an equity offering.

Elon Musk
Credit: Nathan Laine/Bloomberg

The filing, made on Tuesday, reveals that the company has already secured $134.7 million in equity financing from a total offering amount of $1 billion.


The fundraising efforts in the field of AI have been a bright spot for startups this year, with the success of OpenAI's chatbot, ChatGPT, and its $10 billion funding from strategic backer Microsoft Corp. However, regulators have expressed concerns about the potential misuse of AI technology to spread misinformation.


Elon Musk, known for his vocal stance on building safer AI, has outlined his approach with xAI. In a Twitter Spaces event earlier this year, he stated that instead of explicitly programming morality into the AI, xAI aims to create a "maximally curious" AI.


Musk, who has been critical of Big Tech's AI initiatives, launched xAI in July, positioning it as a "maximum truth-seeking AI" to rival Google's Bard and Microsoft's Bing AI. Musk co-founded OpenAI in 2015, the company behind ChatGPT, but stepped down from the board in 2018.


Last month, xAI introduced "Grok," a chatbot that competes with OpenAI's ChatGPT. Musk announced that the artificial intelligence startup will be integrated into his social media platform, X, and will also be available as a standalone app.


The xAI team, which was established in July this year, consists of experts from Google's DeepMind, the parent company of Windows, and other leading AI research firms.

 
  • Elon Musk's AI startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering.

  • The company has already raised $134.7 million in equity financing.

  • Musk aims to create a "maximally curious" AI rather than explicitly programming morality into it.


Source: REUTERS

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