Musk's AI Startup 'xAI' Nears Completion of Funding... Raising 8 Trillion Won
Elon Musk, CEO of Tesla, is expected to close a funding round for his artificial intelligence (AI) startup xAI as early as this week, Bloomberg reported on the 8th (local time).
According to sources who requested anonymity, xAI plans to raise $6 billion (approximately 8.22 trillion KRW) in this round, with Sequoia Capital, one of the largest venture capital (VC) firms in the United States, also participating.
The sources stated, "Discussions are ongoing, and details such as valuation and timing may change."
Earlier, Bloomberg reported that x was valued at about $18 billion (approximately 24.66 trillion KRW) and appeared close to successfully raising $6 billion.
In its fundraising efforts, xAI has promoted CEO Musk’s track record at Tesla and SpaceX, emphasizing that it can train its models using high-quality data secured from the social media platform X (formerly Twitter), which Musk owns. Securing data is crucial for building large language models (LLMs).
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CEO Musk founded xAI last year and introduced the AI chatbot "Grok," a competitor to ChatGPT.
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