Elon Musk’s artificial intelligence startup, X.AI Corp., is poised to close its funding round at an impressive valuation of approximately $18 billion by the end of the week, according to reliable sources close to the deal. While the exact size of the round is still being determined, the company initially aimed to raise $6 billion.
The funding round for the OpenAI rival, xAI, has been actively marketed to investors through a pitch deck highlighting the potential benefits of investing in the company. The deck emphasizes Musk’s successful track record at Tesla Inc. and SpaceX, as well as xAI’s access to high-quality data from Musk’s social network, X (formerly known as Twitter).
Access to ample data is paramount in building robust large language models, the foundation of AI chatbots, an area where xAI aspires to rival other well-established players such as OpenAI. The funding round will further fuel xAI’s ambitious plans to become a dominant player in the rapidly expanding field of artificial intelligence.
