Elon Musk’s artificial intelligence startup xAI will reportedly complete a funding round in June which would value it at more than $24 billion.
A person with knowledge of the deal told Bloomberg the company has been seeking as much as $6.5 billion in financing and it aims to secure this within the coming weeks.
It was slated to close a roughly $6 billion financing earlier this month, but the deal is yet to close, the source told the publication.
The company’s fundraising aims have expanded considerably since January, when Bloomberg reported it was seeking to raise $1 billion.
A rival to Microsoft-backed OpenAI, xAI is developing a chatbot called Grok using data from Musk’s social media platform X.