Elon Musk’s xAI startup has applied to raise $1 billion in equity

Elon Musk’s startup xAI has filed an application with the US Securities and Exchange Commission (SEC) to raise up to $1 billion through a share offering, reports CNBC.

So far, the company has raised about $135 million from four investors, and the first sale took place on November 29.

Elon Musk announced the creation of xAI in July this year. According to the company’s website, its mission is to “understand the true nature of the universe.” Representatives from DeepMind, Microsoft Corp. and Tesla Inc. as well as academic institutions such as the University of Toronto have joined the xAI.

In November, it became known that xAI was launching its own version of ChatGPT. The AI-based chatbot was named Grok.
One of its features is that it has access to real-time information through the X platform. It is able to answer “burning questions” that are not perceived by most other artificial intelligence systems.

Elon Musk said that Grok will be available to subscribers of the Premium+ plan of the X platform, which costs $16 per month.