Elon Musk aims to secure $6 billion for ambitious xAI projects.

TechCrunch recently reported that Elon Musk's xAI is seeking to raise $6 billion at a pre-money valuation of $18 billion. While the deal is still pending and figures may shift, Musk appears to be presenting a compelling proposition to investors for his 10-month-old startup. xAI, which competes with OpenAI, a company he co-founded, is currently embroiled in legal disputes over its alleged deviation from its initial altruistic mission. Despite concerns over Musk's already extensive portfolio of companies, such as Tesla, SpaceX, X (formerly Twitter), Neuralink, and The Boring Company, his involvement is seen as an asset for xAI. Leveraging data resources from his other ventures, xAI aims to enhance Tesla's pursuit of autonomous driving technology and integrate humanoid robots like Optimus into industrial settings. While Musk's enthusiasm may sometimes exceed reality, the substantial funding could bolster xAI's position as a formidable player in the AI sector.

Source: https://techcrunch.com/2024/04/29/techcrunch-minute-elon-musks-big-plans-for-xai-include-raising-6-billion/