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Elon Musk’s artificial intelligence company, xAI, is reportedly close to securing a massive $15 billion equity raise that could push its valuation to around $230 billion, according to a Wall Street Journal report. The update was shared with potential investors by Jared Birchall, Musk’s longtime wealth manager, during a briefing on Tuesday night. The report did not clarify whether the proposed valuation is pre- or post-money.
While Reuters has not independently confirmed the details, attempts to reach Birchall directly were unsuccessful. xAI responded to Reuters’ request for comment with what appeared to be an automated message stating, “Legacy Media Lies,” offering no additional clarification on the funding round.
If finalized, the new valuation would more than double the $113 billion figure disclosed when xAI merged with Musk’s social platform, X, earlier this year. The potential raise comes just days after Musk rejected a CNBC report claiming xAI was pursuing a $15 billion Series E round valuing the startup at $200 billion, calling the report “false.”
The aggressive growth aligns with xAI’s current strategy to expand its data-center capacity and accelerate development of more advanced AI models. Launched in July 2023 as a competitor to OpenAI and Anthropic, xAI is rapidly bolstering its infrastructure footprint, including investments in property in Memphis, Tennessee, where the company plans to build its “Colossus” supercomputer.
Musk has previously suggested that Tesla could play a role in supporting xAI’s development. Earlier this month, Tesla shareholders approved an investment in the AI startup, although a substantial portion of voters abstained.
Despite ongoing concerns about a potential AI bubble—driven by unprecedented valuations and heavy spending—investor interest in leading AI companies remains remarkably strong. The prospect of xAI’s significant funding boost underscores the industry’s momentum and the intense race among tech giants to dominate next-generation artificial intelligence technologies.
