Elon Musk’s xAI company is seeking up to $1 billion in investments

Illustration by Kristen Radtke / The Verge; Getty Images

xAI — the AI company founded by Elon Musk — seeks to raise up to $1 billion in equity investments, according to a filing with the Securities and Exchange Commission (as spotted by CoinDesk). The company has raised $134.7 million so far.
Founded in April, xAI is Musk’s attempt at jumping on the AI hype train. The company’s purpose is to “understand the true nature of the universe,” according to its website, something the launch of its Grok AI chatbot is apparently supposed to further.
Grok pulls real-time information from X (formerly Twitter) to power some of its responses, but it’s currently only available in early access to X’s Premium Plus subscribers. Despite the close ties between Grok and X, xAI is separate from X Corp., X’s parent company.
The SEC filing notes xAI will only accept a minimum of $2 million from outside investors. The filing also says, “The issuer has entered into a binding and enforceable agreement for the purchase and sale of the Total Remaining to be Sold listed above,” which sure seems like the rest of the billion is already a done deal, as Axios has noted.