Elon Musk’s artificial intelligence startup, xAI, is in discussions to raise $10 billion in new funding, potentially valuing the company at around $75 billion, Bloomberg News reported on Friday.
Existing investors, including Sequoia Capital, Andreessen Horowitz, and Valor Equity Partners, are reportedly in talks to participate in the funding round. Neither xAI nor the investors responded to Reuters’ requests for comment.
The fundraising effort follows xAI’s recent $6 billion capital injection, which valued the company at $40 billion. The startup is looking to expand its AI infrastructure by increasing its data center capacity to train and deploy AI models.