Elon Musk’s AI Startup Intends To Raise $6 Billion And Compete With OpenAI
Elon Musk's xAI startup is in talks to raise up to $6 billion as the billionaire looks to global investors, particularly Hong Kong, to fund his OpenAI rival project.
Representatives of the xAI company held negotiations with several potential investors in Hong Kong in the hope of raising up to $6 billion while valuing the startup itself at $20 billion - negotiations have not yet been completed, and Musk is still assessing investor sentiment. Sovereign wealth funds in the Middle East, investors in Japan and South Korea can also become partners of xAI. A US artificial intelligence company raising funds in Hong Kong could backfire due to geopolitical tensions between the US and China.