Elon Musk's AI company secures $500 million toward $1 billion funding goal: report
Elon Musk's artificial intelligence (AI) company, xAI, has secured $500 million in commitments from investors toward a $1 billion goal, Bloomberg News reported on Friday.
The artificial intelligence (AI) startup xAI is discussing a valuation of $15 billion to $20 billion, though terms could still change in the coming weeks, the report added, citing people familiar with the matter.
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xAI could not be immediately be reached for comment.
Last December, Musk said his artificial intelligence company was not raising funds, a day after the startup filed with the U.S. securities regulator to raise up to $1 billion in an equity offering.
Musk launched xAI in July last year in response to Big Tech's AI efforts, which he has criticized for excessive censorship and a lack of adequate safety measures.
