Technology

Elon Musk’s AI start-up close to completing $6bn raise

Sequoia Capital is among the rumoured backers for xAI, which could hit a $18bn market valuation

Bloomberg previously reported that the company had been in talks to raise $3 billion to $4 billion in the deal as it seeks to compete with major AI players, including OpenAI

Elon Musk’s artificial intelligence start-up xAI is nearing a deal to raise $6 billion in a funding round that would value the company at $18 billion, according to a person familiar with the matter.

Sequoia Capital will participate in the deal along with other investors, said the person, who asked not to be identified discussing private information.

Are you a Business Post subscriber?

Get your money's worth by signing up to our daily newsletter, and receive Ireland’s best business journalism to your inbox every morning.

Click here to sign up.