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Musk is courting investors in the Middle East for his AI company xAI. An infusion of fresh petrodollars could boost the fledgling company’s value to $45 billion. Elon
Musk is courting investors in the Middle East for his AI company xAI. An infusion of fresh petrodollars could boost the fledgling company’s value to $45 billion.
Elon Musk, CEO of many companies, is in talks with investors for xAI, the AI company he founded last year. Following a $6 billion capital injection completed in the spring, a new round of investment could double the company’s total value to $45 billion. In comparison, OpenAI is worth about three times as much.
In any case, Musk knows where to look for the money. According to the Financial Times, Musk is primarily targeting investments from the Middle East. He is in talks with potential investors from Saudi Arabia. Because he has not always made himself popular there in his role as Tesla boss, Qatar is also an option.
If investors bite, xAI’s value could reach $45 billion. For example, that’s more than what Musk paid to acquire Twitter ($44 billion). xAI could even be worth four to five times more than current estimates for X. Since Musk took over X, the value has fallen by almost eighty percent to around ten billion dollars.
Musk founded xAI a year ago as a competitor to OpenAI, Anthropic and Co. The best-known result of xAI today is Grok, an AI chatbot in the style of ChatGPT that is only available to paying X users.
Source: IT Daily
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