From Yahoo Finance: 2024-04-11 17:38:12

Elon Musk’s AI startup X.AI Corp. is seeking to raise $3-4 billion, valuing the company at $18 billion. Emails and pitch decks are circulating among investors in Silicon Valley. Musk’s success at Tesla and SpaceX are touted as selling points for potential investors. X.AI aims to compete in the AI chatbot industry.

The terms of the funding round for X.AI are still being finalized and could change. The Wall Street Journal previously reported on some details of the deal. X.AI’s pitch deck emphasizes the importance of having access to quality data, which will be available through Musk’s social network X. X.AI plans to use this data to train large language models for its AI chatbots.

A representative for X.AI did not respond to a request for comment. Elon Musk’s track record with Tesla and SpaceX, as well as the success of OpenAI, are focal points for potential X.AI investors. The deal is being closely watched by Silicon Valley’s venture capital community.



Read more at Yahoo Finance: Elon Musk’s xAI Seeks Up to $4 Billion to Compete With OpenAI