Elon Musk's artificial intelligence startup 'xAI' applies to authorities to raise 147 billion yen

Application documents submitted to regulatory authorities revealed that xAI, an artificial intelligence startup founded by Elon Musk, is in the process of raising up to $1 billion (approximately 147 billion yen) in funding.

Elon Musk is raising money for his AI company X.ai

Elon Musk's AI startup — X.AI — files to raise $1 billion

According to a document called Form D filed with the Securities and Exchange Commission (SEC), xAI has already raised $134,679,312 (approximately 19.82 billion yen) of the maximum $1 billion target amount to four anonymous investors. They say they collect it from people. The first share sale took place on November 29, 2023.

The SEC's Form D is a simple application form used exclusively for venture capital funding. Little is known about it other than a short sentence: ``I own it.''

???? Corp investors will own 25% of xAI

— Elon Musk (@elonmusk) November 19, 2023

xAI, which Elon Musk announced in July 2023, aims to 'understand the true nature of the universe,' according to its official website.

xAI later developed the AI ``Grok'', which was modeled after the science fiction novel ``The Hitchhiker's Guide to the Galaxy'' and can answer any questions, including sensitive topics, as well as the integrated development environment used to develop Grok. We have released ' PromptIDE ' etc.

Elon Musk announces ChatGPT's rival AI 'Grok' - GIGAZINE

xAI's immediate goal is to compete with OpenAI, which he helped found in 2015 and then stepped down from the board in 2018. In April 2023, Musk was reported to have purchased a large amount of GPUs, which are essential for AI development, and in September, he announced that he would be able to use X (formerly Twitter) data for training in AI development. This is included in the terms and conditions, and it is expected that this funding will further accelerate the company's efforts to closely follow ChatGPT.

Axios, a foreign media outlet that first reported on the matter, stated, ``The filing states that ``the issuer has entered into a binding and legally enforceable agreement regarding the sale and purchase of the remaining sale amount.'' This suggests that they may have already raised the full amount needed.'

xAI did not respond to media requests for comment.