Elon Musk’s xAI Wants To Raise $1 Billion From IPO

According to information filed with the SEC, billionaire Elon Musk's xAI raised $134.7 million in its equity fundraising campaign from the total $1 billion it offered in its IPO.

Elon Musk’s Xai Wants To Raise $1 Billion From Ipo_65b9716ad2c1a.webp

xAI Corp, the artificial intelligence startup founded by Tesla CEO and social network X boss Elon Musk, is planning to raise $1 billion through an initial public offering (IPO), according to records submitted to the US Securities and Exchange Commission (SEC).

The company is known to have raised $134.7 million from an IPO campaign with a total value of $1 billion. The minimum investment amount for an outside investor is set at 2 million USD.

The filing also states that Elon Musk, who took over Twitter and changed its name to X, is also the CEO and director of xAI. Jared Birchall, who has served as CEO of companies such as Goldman Sachs, Merrill Lynch and Morgan Stanley, will manage Elon Musk’s family office.

In April 2023, when Elon Musk merged Twitter into X Corp. And registering xAI as an artificial intelligence startup, he also founded xAI in July 2023. In November, xAI introduced Grok, an AI chatbot that competes directly with OpenAI’s ChatGPT, for users who subscribe to the X Premium+ package for $16/month.

elon musks xai wants to raise 1 billion from ipo 65b9716ad95e1

According to Insider, “The opportunity to build a billion-dollar AI business has never seemed easier than it does for entrepreneurs aspiring to become the next Sam Altman.”

Elon Musk has become a familiar face in the cryptocurrency industry. And his every move can often affect the price of coins in the market. Tesla, which he owns, was also one of the first companies to announce a major investment in Bitcoin and has not made any BTC purchases or sales in the last 5 quarters.

Related: Bitcoin Price Analysis: BTC Bulls Aim Upside Break To $50K

Elon Musk also frequently mentions Dogecoin (DOGE) on his personal social media channels and has launched the ability to accept payments in DOGE on his platforms.

Like many times before, DOGE’s price rose sharply following the news of xAI raising capital from an IPO, adding to the overall market rally. The memecoin has increased more than 5% within 24 hours and is currently trading at around $0.096 at the time of writing.

elon musks xai wants to raise 1 billion from ipo 65b9716addef0

4h chart of the DOGE/USDT pair on Binance at 04:00 AM on December 6, 2023 (UTC)

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!