According to BlockBeats, Elon Musk's artificial intelligence startup, xAI, is in discussions with investors to raise $3 billion, which could potentially value the company at $18 billion post-investment. The list of potential investors includes venture capital firm Gigafund and Steve Jurvetson, among others. An unnamed co-founder of another venture capital firm is also reportedly interested, although their identity has not been disclosed. However, the terms of xAI's financing have not been finalized, and plans may still change. Recent negotiations for xAI's funding are reportedly accelerating.
Musk founded xAI last year to compete with Microsoft-backed OpenAI and Google's AI products. Earlier this year, there were reports that xAI was seeking to raise up to $6 billion, but Musk denied having discussions with any investors at the time. In March, xAI launched an upgraded version of its chatbot, Grok-1.5, which is now available to some X (formerly Twitter) users and can compete with OpenAI's ChatGPT.