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Elon Musk’s xAI raises $500M toward $1B goal

Elon Musk’s artificial intelligence company, xAI, has secured $500 million in commitments from investors toward a $1 billion goal, according to people with knowledge of the talks.

The company is discussing a valuation of $15 billion to $20 billion, though terms could still change in the coming weeks, the people said, declining to be named because they were not authorized to speak publicly about the investment. Musk said on X, the network formerly called Twitter, that the report was “fake news.”

Musk launched the startup last year as an alternative to Open AI, which he co-founded and later left over philosophical differences about how to profit from the technology. xAI’s product, a chatbot named Grok, is developed using social media posts on X, which Musk also owns. That allows Grok to access more recent data for its answers than other chatbots. Bloomberg

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