Elon Musk is in discussions to secure funding for his AI startup xAI, which has an estimated valuation of $45 billion, according to the Financial Times. The negotiations are in the early stages and involve both existing investors, such as Sequoia Capital and Valor Equity, as well as new ones. Valor is expected to be a leading participant in the upcoming investment round.
Musk is also reaching out to some of the largest investors from the Middle East, including those from Qatar and Saudi Arabia.
Interfax reminds us that during the investment round that took place this summer, xAI was valued at approximately half of its current worth and raised $6 billion.
xAI was founded in July 2023 and launched its chatbot Grok, a competitor to ChatGPT, in November of the same year.