Elon Musk’s xAI nearing R114-billion funding deal

Elon Musk’s artificial intelligence startup X.AI Corp. is nearing a deal to raise $6 billion (R114.1 billion) in a funding round that would value the company at $18 billion, according to a person familiar with the matter.

Sequoia Capital will participate in the deal along with other investors, said the person, who asked not to be identified discussing private information.

Bloomberg previously reported that the company had been in talks to raise $3 billion to $4 billion in the deal as it seeks to compete with major AI players, including OpenAI.

Musk, a founding member of OpenAI, has had a contentious relationship with the startup in recent years.

The Information previously reported that xAI was nearing a deal to raise $6 billion.

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Elon Musk’s xAI nearing R114-billion funding deal