Elon Musk’s xAI is close to raising $15bn from investors in a deal that would value the artificial intelligence company at $230bn, double the value reached when it acquired the social platform X in March.
The new target was shared with investors in xAI by Musk’s wealth manager Jared Birchall on Tuesday night, according to people familiar with the matter, and investors now anticipate that Musk will rapidly raise the targeted amount.
A deal at $230bn would conclude a complex process during which xAI has replaced its chief financial officer and Musk, who also heads up Tesla and SpaceX, has repeatedly denied that his company was raising funds. It is unclear if the valuation is pre- or post- investment.
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