Elon Musk-Backed X.AI Files With SEC to Raise Up to $1B in Equity Offering
X.AI Corp., backed by Elon Musk, is raising up to $1 billion in a securities offering, according to a regulatory filing.
The filing, made Tuesday with the U.S. Securities and Exchange Commission, says that Musk, who took over Twitter and renamed it X, is an executive officer and director of X.AI.
CoinDesk previously reported that in April 2023, when Musk merged Twitter into X Corp., he also registered X.AI Corp. as an artificial intelligence startup. The executive then established xAI, his own company to “understand the universe.”
The announcement prompted some crypto users to spin up scores of “X” tokens on multiple blockchains.
According to Tuesday’s filing, a sale of equity securities is planned.
The company has already sold $134.7 million of the securities, with another $865.3 million remaining to be sold, according to the filing.
The minimum investment accepted from any outside investor is $2 million.