xAI, founded by Musk last year, is reportedly nearing the completion of a $5 billion fundraising round. This could potentially double its valuation to $50 billion within six months, offsetting some of the unrealized losses from the Twitter deal.
Despite Twitter’s declining value, xAI’s growth has been advantageous for Musk’s backers, who initially contributed $7.1 billion for the Twitter takeover. The Financial Times noted that only previous xAI investors could participate in the latest fundraising, maintaining their stake undiluted.
The rise in xAI’s valuation comes as the company seeks to raise up to $6 billion to acquire 100,000 Nvidia Corp. chips for its Memphis data center
Musk officially announced the formation of xAI on July 12, 2023.[12][13] He linked the date (7 + 12 + 23 = 42) to the book The Hitchhiker's Guide to the Galaxy by Douglas Adams,[14] in which a supercomputer calculates that the answer to the ultimate question of life, the universe, and everything is 42;
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