Elon Musk seeks to raise $1 billion through stock offering

Elon Musk's startup, working in the field of artificial intelligence, is in search of potential investors. xAI plans to raise $1 billion by issuing shares. So far, they have raised approximately $135 million.

Billionaire Elon Musk's xAI company has filed a new application with the US Securities and Exchange Commission (SEC). According to it, the organization plans to attract $1 billion of investment capital through the placement of equity securities.

The document also states that the company has already sold shares in the amount of $134.67 million. The minimum amount for investment is $2 million. The shares of derivatives holders are not disclosed.

Let us remember that Musk previously announced that investors of X Corp. will receive up to 25% of xAI shares. This was one of the reasons for the jump in prices in the token segment of AI projects.

Whether the indicated $134.67 million is an investment by X Corp. shareholders is unknown at the time of writing.

In addition to Musk, another name appears in the papers. Jared Birchall is listed as executive director. He previously held senior management positions at companies such as Goldman Sachs, Merrill Lynch and Morgan Stanley.

Recall that Musk registered xAI in April 2023. This is an AI startup that introduced its first product , the Grok chatbot, in early November.