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AI firm xAI reportedly raised $500 million in funding, founder denies

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xAI Elon Musk

Artificial Intelligence firm xAI has secured $500 million in funding from investors and now aiming for a $1 billion goal, reveals a new report.

xAI is planning a valuation of $15 billion or $20 billion but the terms could change based on the discussion with investors, reports Bloomberg based on the inputs from people familiar with this matter.

Meanwhile, Elon Musk, Founder of xAI has denied this new finding by saying “This is simply not accurate” on his social media platform X (formerly known as Twitter).

Last December, xAI’s SEC filing revealed that the company raised $135 million from four unnamed investors with the first sale occurring on November 29, 2023. The company aimed at $1 billion as its next funding target.

xAI was launched in July this year and hired numerous high-talented team members from some of the major companies including Google. Back in November, xAI also unveiled its first ChatGPT competition named Grok, which is currently under early access.