Elon Musk’s xAI is in talks to raise funds that could value the company between $170 billion and $200 billion. Saudi Arabia’s PIF sovereign wealth fund may play a significant role in the deal, with an $800 million investment through Kingdom Holdings Company. xAI recently completed a $5 billion debt raise and a $5 billion strategic equity investment to expand its AI infrastructure. Musk launched xAI in July 2023 as an alternative to OpenAI’s ChatGPT, with plans to generate over $13 billion in annual earnings by 2029.

Read more at Yahoo Finance: Musk’s xAI seeks up to $200 billion valuation in next funding round, FT reports