Elon Musk's AI startup — X.AI — files to raise  billion in fresh capital
Elon Musk's AI startup — X.AI — files to raise  billion in fresh capital

Elon Musk speaks onstage throughout The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City. 

Slaven Vlasic | Getty Images

X.AI, a synthetic intelligence startup based by Elon Musk, has filed with the SEC to raise up to $1 billion in an fairness providing.

The firm has already introduced in nearly $135 million from 4 traders, with the primary sale occurring on Nov. 29, and has a “binding and enforceable settlement” for the acquisition of the remaining shares, the submitting says.

The AI startup, which Musk announced in July, seeks to “perceive the true nature of the universe,” in accordance to its web site. Last month, X.AI launched a chatbot referred to as Grok, which the corporate says is modeled after “The Hitchhiker’s Guide to the Galaxy.” The chatbot debuted with two months of coaching and has real-time data of the web, the corporate claims.

“Grok is designed to reply questions with a little bit of wit and has a rebellious streak, so please do not use it in case you hate humor!” X.AI wrote on its web site, including, “It may even reply spicy questions which can be rejected by most different AI methods.”

The firm did not instantly reply to a request for remark.

With Grok, X.AI goals to instantly compete with firms together with ChatGPT creator OpenAI, which Musk helped begin earlier than a battle with co-founder Sam Altman led him to depart the mission in 2018. It may even be vying with Google’s Bard expertise and Anthropic’s Claude chatbot.

Earlier this 12 months, Musk reportedly secured hundreds of high-powered graphics processing items (GPUs) from Nvidia, the form of chips mandatory to construct a big language mannequin.

X.AI is certainly one of many firms owned or led by Musk. In addition to his management of X, beforehand Twitter, which he bought final 12 months, Musk is CEO of Tesla and SpaceX. He additionally operates underground tunnel developer Boring Company and brain-tech startup Neuralink.

Last month, Musk stated traders in X (previously Twitter) would own 25% of X.AI.

“We are a separate firm from X Corp, however will work intently with X (Twitter), Tesla, and different firms to make progress in direction of our mission,” X.AI says on its web site.

People engaged on X.AI embody alumni of DeepMind, OpenAI, Google Research, Microsoft Research, Twitter and Tesla. They’ve labored on tasks together with DeepMind’s AlphaCode and OpenAI’s GPT-3.5 and GPT-4 chatbots, in accordance to LinkedIn profiles.

Musk integrated X.AI in Nevada in March, in accordance to filings.

On a Tesla earnings name in July, this is what Musk informed analysts questioning about whether or not X.AI might compete with any of Tesla’s enterprise:

“There have been simply among the world’s greatest AI engineers and scientists that have been prepared to be part of a startup however they weren’t prepared to be part of a big, type of comparatively established firm like Tesla,” he stated. “So I used to be like, OK properly, higher it is a startup that I run than they go work someplace else. That’s form of the genesis of X.AI.”

— CNBC’s Lora Kolodny contributed to this report

WATCH: Elon Musk’s X.AI launches ‘Grok’

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