From Fortune Magazine:

Elon Musk’s xAI has received $500 million in investor commitments towards a $1 billion goal. The company aims for a $15-20 billion valuation. It developed Grok, a chatbot using social media posts from the network X, formerly Twitter, owned by Musk. Investors in Twitter are likely to invest in xAI as well.

Investors in X, backed by Larry Ellison, Sequoia Capital, Andreessen Horowitz, Fidelity Management & Research Co., and Saudi Prince Alwaleed bin Talal, may also invest in xAI. Musk mentioned that equity investors in X will own 25% of xAI. Finalizing terms in the next couple of weeks, some investors are evaluating whether to pursue computing power in addition to or instead of xAI equity shares.



Read more: Elon Musk’s AI startup that hopes to leapfrog OpenAI is halfway to its goal of landing $1 billion in funding