The latest startup company by Elon Musk, X.AI is now looking to raise more of its funds in their recent filing with the SEC, seeking to garner as much as $1 billion in funds. This new artificial intelligence company is best known for developing the Grok AI, its version of the chatbot that competes with ChatGPT and Google Bard, situated over at its founder's social media, X.
Elon Musk's X.AI Seeks to Raise $1 Billion in Funds
CNBC reported that Elon Musk's startup, X.AI, has filed a new document with the US Securities and Exchange Commission (SEC) to raise as much as $1 billion in funds. It was also said that this is an equity offering for new investors, with the company already getting several interested parties in its previous offer.
Back on November 29, X.AI was able to take in as much as $135 million from four investors, with a "binding and enforceable agreement" for its remaining shares, says the filing.
It remains unknown what developments X.AI would be doing with its latest rally to raise its funds, with a massive sum of $1 billion to attain in this latest request.
X.AI to Understand the Universe with Equity Offering
When Musk first announced X.AI, its goal was to understand more of the universe than what the world knows about it, debuting Grok as "The Hitchhiker's Guide to the Galaxy."
On its website, X.AI revealed that its version of the AI chatbot had about two months of training when it was first released, and it is currently under a beta testing phase over at X.
X.AI said that Grok is not the regular AI chatbot, as it was designed to answer questions "with a bit of wit and has a rebellious streak," further saying that it is for those with humor only. As it portrays, it is more lax about answering controversial questions that users have in mind.
Elon Musk's AI and the X Companies
It was only towards the end of November that the world got to see what Musk and X.AI have worked on, and it is with Grok's debut that offered the social media platform, X (formerly Twitter), an AI chatbot. However, it was not made available for all, as the company hid it behind the X Premium+ tier, the most expensive and feature-packed subscription on its platform.
Before delivering Grok, Musk was rumored to have formed a new company, and this would focus on artificial intelligence development that would rival OpenAI, Stability AI, and more. This was later named X.AI, and it first took shape in April 2023, with its records centering on Nevada, where it was created, with Elon Musk being its only director.
Since then, the company's goal has been to understand more of the unanswered questions present in the universe, but there has been little information about how it trains and its other aspects. Recently, Musk and X.AI filed with the SEC to seek funding, and its goal is to raise as much as $1 billion from investors in an equity offering, with the fund set for its future developments in AI.
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