NEW YORK: Elon Musk’s xAI Holdings is in talks with investors to raise roughly US$20 billion in funding for his newly combined artificial intelligence start-up and social media business, Bloomberg News reported today, citing people familiar with the matter.
The transaction would value the company at more than US$120 billion, the report said, citing one of the people.
The amount in the round could be more than US$20 billion, the report said, adding that the total had not yet been decided, and terms could change.
xAI didn’t immediately respond to requests for comment.
xAI acquired X in a deal last month that valued the social media platform at US$33 billion and allowed the value of Musk’s AI firm to be shared with his co-investors in the company formerly known as Twitter.