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Elon Musk’s AI startup xAI is reportedly exploring a new funding round that could value the company between $170 billion and $200 billion, according to the Financial Times. Sources familiar with the matter say Saudi Arabia’s Public Investment Fund (PIF) is likely to be a major participant, given its indirect exposure to xAI through Kingdom Holding Company, which invested $800 million in the firm.
While discussions are still at an early stage and terms may shift, Musk responded to the report on X (formerly Twitter), stating, “xAI is not seeking funding right now. We have plenty of capital.”
In June, Morgan Stanley revealed that xAI had secured $5 billion in debt financing and an additional $5 billion in strategic equity investment. These funds are earmarked for expanding AI infrastructure, including large-scale data centers, as the AI arms race intensifies.
xAI, founded in July 2023 as a rival to OpenAI's ChatGPT, acquired Musk’s social media platform X in March, bringing xAI’s valuation to $80 billion and X to $33 billion at the time. The company forecasts rapid growth, aiming for $1 billion in gross revenue by year-end and projecting over $13 billion in annual earnings by 2029, Bloomberg reported.
xAI’s ambitious roadmap includes $18 billion in future investments for building data centers, signaling its intent to become a major force in generative AI. OpenAI, by comparison, is seeking to raise up to $40 billion at a $300 billion valuation.
As competition in artificial intelligence heats up, Musk’s xAI is positioning itself as a major global contender—backed by sovereign wealth, aggressive infrastructure spending, and integration with social media.
