Elon Musk mentioned on Friday his synthetic intelligence agency xAI was not in talks with buyers to safe funding, following a media report earlier within the day on the startup’s effort to lift as much as USD 6 billion.
“xAI shouldn’t be elevating capital and I’ve had no conversations with anybody on this regard,” Musk mentioned in a submit on X.
The Monetary Instances reported xAI was in talks to lift funding at a valuation of USD 20 billion.
The startup is in talks with household workplaces in Hong Kong and is concentrating on sovereign wealth funds within the Center East, in accordance with the FT report, which cited a number of individuals conversant in the matter.
The AI race has been heating up with a number of buyers signing huge checks for start-ups seeking to capitalize on what has captured Silicon Valley’s consideration over the previous yr.
Musk’s workplace didn’t reply to a Reuters request for remark.
Final week, Musk denied a report that xAI had secured USD 500 million in commitments from buyers towards a USD 1 billion funding purpose.
The CEO of Tesla has been vocal about his plans to construct safer AI. Musk co-founded OpenAI in 2015, however stepped down from its board in 2018.
Final yr, xAI launched “Grok”, a chatbot rivaling OpenAI’s ChatGPT.
Musk additionally warned about growing AI and robotics outdoors Tesla, earlier this month, except he will get extra voting management on the electric-vehicle maker. He mentioned he could be uncomfortable constructing Tesla into an AI chief except he had 25% voting management.
Because of the recognition of ChatGPT, the AI business has been a uncommon vivid spot in a subdued start-up funding surroundings.
Anthropic and Microsoft-backed Inflection AI have additionally raised funds in latest months.
