The X logo appears on a phone, and the XAI logo is shown on a laptop in Krakow, Poland, on April 1, 2025. (Photo by Klaudia Radecka/Nurphoto through Getty Images)
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XAI Holdings of Elon Musk is in conversations with investors to raise around $ 20 billion, Bloomberg News reported Friday, citing people familiar with the matter.
The financing would value the company in more than $ 120 billion, according to the report.
Musk was looking to assign “clean value” to XAI, sources told David Faber from CNBC earlier this month. The comments made a call with XAI investors, sources familiar with the Faber matter said. The Tesla CEO at that time did not explicitly mention any close financing round, but the sources suggested that Xai was an increase in capital prior to the substantial in the near future.
The amount of financing could be more than $ 20 billion since the exact figure had not decided, added the Bloomberg report.
The artificial intelligence startup XAI did not respond in a way prevented from a request for comments from CNBC outside the business hours of the United States.
Last month, the AI firm acquired X in an agreement of the entire stock that valued XAI at $ 80 billion and the social networks platform at $ 33 billion.
“The futures of Xai and X are intertwined. Today, we officially take the step to combine the data, models, calculators, distribution and talent,” Musk said in X, announcing the agreement. “This combination will unlock immense potential by combining Xai’s advanced capacity and experience with the massive reach of X”.
Read the full story of Bloomberg here.
– Samantha subin of CNBC contributed to this report.