With a $1 billion total offering amount, Musk’s xAI has raised $134.7 million in equity financing.
Elon Musk’s artificial intelligence business, xAI, has submitted an application to the US Securities and Exchange Commission in an attempt to fund up to $1 billion through a stock offering, according to a filing on Tuesday.
From a total offering amount of $1 billion, the company has raised $134.7 million in equity financing, according to a filing with the Securities and Exchange Commission.
Following OpenAI’s introduction of the well-liked chatbot ChatGPT last year and the acquisition of $10 billion from its strategic backer Microsoft Corp. (MSFT.O), fundraising for AI continues to be a promising area for entrepreneurs this year. Regulators are worried, though, that the technology may be used to disseminate false information.
About his intentions to create safer AI, Musk has been outspoken. He stated during a Twitter Spaces event earlier this year that xAI will aim to produce a “maximally curious” AI rather than expressly including morality into its AI.
The entrepreneur, who has accused Big Tech of censoring its AI efforts, introduced xAI in July, referring to it as a “maximum truth-seeking AI” to compete with Microsoft’s Bing AI and Google’s (GOOGL.O) Bard.
Musk co-founded OpenAI in 2015, the business that developed ChatGPT and sparked a global fervor for generative AI technology. In 2018, Musk left the board.
A chatbot named “Grok” by XAI debuted last month, competing with OpenAI’s ChatGPT.
In a tweet from November, Elon Musk announced that the artificial intelligence startup will be available as a standalone app as well as incorporated into his social networking platform X.
The team behind xAI, which debuted in July of this year, includes members from leading AI research firms, Windows parent company DeepMind, and Google.
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