Big Law

Elon Musk’s AI Startup, XAI, Files to Raise Up to $1 Billion in an Equity Offering

Elon Musk’s artificial intelligence startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering, according to a filing on Tuesday.

The company has raised $134.7 million in equity financing from a total offering amount of $1 billion, the filing with the Securities and Exchange Commission showed.

Fundraising for AI remains a bright spot for startups this year, following OpenAI’s launch of popular chatbot ChatGPT last year and raising of $10 billion from its strategic backer Microsoft Corp. Regulators, however, are concerned about the potential use of the technology to spread misinformation.

Read the source article at U.S. News

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