Investors near Elon Musk are in talks to assist his artificial-intelligence startup xAI raise $3 billion in a round that will value the corporate at $18 billion, the Wall Street Journal reported on Friday.
Venture capital firm Gigafund and Steve Jurvetson are among the many backers considering investing within the round, the report said, citing people conversant in the matter.
The WSJ report also said that a co-founder of one other enterprise firm can be among the many backers. However, it didn’t name the person or the firm.
Terms of the xAI fundraising weren’t finalized and the plans could change, the Journal said, adding that current fundraising talks have gathered momentum recently.
xAI couldn’t be immediately reached for comment. Musk’s office didn’t reply to a Reuters request for comment.
Seeking an alternative choice to Microsoft-backed OpenAI and Alphabet’s Google, Musk launched xAI last 12 months.
Earlier this 12 months, Musk said xAI was not in talks with investors to secure funding, following a media report concerning the startup raising as much as $6 billion.
The Financial Times in January reported xAI was in talks to lift funding at a valuation of $20 billion.
“xAI just isn’t raising capital and I even have had no conversations with anyone on this regard,” Musk said at the moment.
xAI in March launched an enhanced version of its chatbot Grok – named Grok-1.5, a chatbot rivaling OpenAI’s ChatGPT.
The chatbot is out there to make use of by some users of X, formerly often known as Twitter.
