Skip to content

Tech and games

Home » Blog » Elon Musk’s AI firm xAI files to raise up to $1 bln in equity offering

Elon Musk’s AI firm xAI files to raise up to $1 bln in equity offering

Elon Musk
Elon Musk

Elon Musk’s xAI

Elon Musk’s artificial intelligence startup, xAI, has officially submitted a filing with the U.S. Securities and Exchange Commission (SEC) indicating its intention to secure up to $1 billion in an equity offering. As of the latest filing on Tuesday, xAI has successfully secured $134.7 million in equity financing from a total offering amount of $1 billion.

In the current startup landscape, fundraising for artificial intelligence continues to shine, with notable successes like OpenAI’s introduction of the widely-used chatbot ChatGPT and its substantial $10 billion funding from strategic supporter Microsoft Corp (MSFT.O) last year. While these achievements highlight the positive momentum in the AI sector, regulatory bodies are expressing concerns about the potential misuse of the technology for spreading misinformation.

Elon Musk’s Commitment towards Ai

Elon Musk has consistently communicated his commitment to developing safer artificial intelligence. During a Twitter Spaces event earlier this year, Musk articulated the approach of his AI startup, xAI. Instead of incorporating explicit programming for morality into its AI systems, xAI aims to foster a “maximally curious” AI, according to Musk’s statements in the event. This strategy aligns with the broader goal of promoting responsible and ethical development in artificial intelligence.

The billionaire, who has criticized Big Tech’s AI efforts as ridden with censorship, in July launched xAI, calling it a “maximum truth-seeking AI” to rival Google’s Bard and Microsoft’s Bing A.

In 2015, Elon Musk played a pivotal role in the founding of OpenAI, the organization responsible for the development of ChatGPT, a generative AI technology that gained widespread attention globally. However, Musk stepped down from the board of OpenAI in 2018.


Recently, Musk’s new venture, xAI, entered the scene by launching “Grok,” a chatbot positioned as a competitor to OpenAI’s ChatGPT. Musk outlined his plans for the artificial intelligence startup, stating that it will be seamlessly integrated into his social media platform, X, and will also be available as a standalone app. This move signals Musk’s continued involvement and interest in advancing AI technology within the realm of social media.

The team behind xAI, which launched in July this year, comes from Google’s DeepMind, the Windows parent, and other top AI research firms.

About Author

Leave a Reply

Your email address will not be published. Required fields are marked *