The AI war continues.
Musk's AI startup XAI is seeking to raise $1 billion, according to a filing with U.S.** regulators. Filings show that XAI has raised 1$3.5 billion. The company requires a minimum investment of $2 million per investor.
Previously, Musk said that X's investors would own a 25% stake in XAI.
Since OpenAI's launch of ChatGPT went viral, the generative AI industry has raised billions of dollars this year. It has also sparked fears of hype and bubbles in the market.
Musk is one of the co-founders of OpenAI, once invested $100 million in the latter, but later announced that he chose to leave OpenAI due to a conflict of interest. This year, he has repeatedly criticized OpenAI for not being "open" enough and has become a commercial company backed by Microsoft, contrary to the original purpose of his investment at the time.
In July, Musk founded XAI to compete directly with OpenAI. He declared that XAI's mission was aimed at "understanding the true nature of the universe."
Last month, XAI released its first AI model, a "sarcastic" chatbot called Grak, which was trained on X, the social networking platform that Musk acquired for $44 billion a year ago. To use Grok, you need to pay $16 per month to open an X membership.
This article is sourced from: the financial world.