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xAI aims at $113 billion valuation with $300 million share sale

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1 month ago

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AI company xAI is planning to sell $300 million worth of shares to increase the valuation to $113 billion in order to become more dominant in the generative AI industry.

It’s reported that the deal will enable xAI staff to sell shares to new investors. The company is also expected to offer secondary stock options, followed by a larger investment round including equity to outside investors.

xAI Grok Vision

Source – xAI

In March, xAI announced the X (formerly Twitter) acquisition, combining its $80 billion with X’s $33 billion for a total $113 billion value.

xAI is mainly known for its Grok chatbot, which can conduct text-to-text, voice-to-voice, vision and many other types of interactions with the users.

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