Thursday, 30 May 2024
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Artificial IntelligenceBusiness

Elon Musk’s AI business is aiming for a $18 billion valuation

  • Elon Musk‘s AI business, X.AI Corp., is anticipated to conclude its investment round this week.
  • The deck emphasized that xAI will use high-quality data from X, previously Twitter.
  • The ability to train LLMs, the foundation of AI chatbots, requires access to data.

Bloomberg News reported on Thursday that Elon Musk’s artificial intelligence (AI) business, X.AI Corp., is anticipated to conclude its investment round this week at an estimated valuation of $18 billion.

Although the exact sum to be obtained is still unknown, Bloomberg recently revealed that Sequoia Capital will be participating in the round, which was aimed at raising $6 billion. Specifics like timing and valuation are still open to change.

AI business

A deck that highlighted Musk’s accomplishments with SpaceX and Tesla (NASDAQ: TSLA) was used to present investors to the OpenAI competitor’s funding round. The deck also emphasized that xAI will use high-quality data from X, previously Twitter.

The ability to train large language models (LLMs), the foundation of AI chatbots, requires access to data. This might help xAI potentially compete with other well-funded rivals like OpenAI, the company that makes ChatGPT.

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