Overview
- The Wall Street Journal reported that Elon Musk’s xAI is seeking $15 billion in new equity at a $230 billion valuation, with terms presented to investors by Jared Birchall.
- Reuters said it could not verify the report and noted it was unclear whether the valuation figure was pre- or post-money, and Birchall could not be reached.
- xAI replied "Legacy Media Lies" to a Reuters request for comment, and Musk last week called a separate CNBC fundraising report "false."
- The reported valuation would more than double the $113 billion figure disclosed when xAI merged with Musk’s social platform X in March.
- xAI is rapidly building compute capacity, including a Memphis site for its planned Colossus supercomputer, and Tesla shareholders recently approved an investment in the startup with many abstentions.