The X logo appears on a phone, and the XAI logo is shown on a laptop in Krakow, Poland, on April 1, 2025. (Photo by Klaudia Radecka/Nurphoto through Getty Images)
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XAI Holdings of Elon Musk is in conversations with investors to raise around $ 20 billion, Bloomberg News reported Friday, citing people familiar with the matter.
The financing would value the company in more than $ 120 billion, according to the report.
The amount could be more than $ 20 billion, since the exact figure has not decided the leg, the report added.
The XAI of Musk did not respond to a request for comments from CNBC outside the business hours of the United States.
Musk was looking to assign “clean value” to XAI, sources told David Faber from CNBC earlier this month. The comments made a call with XAI investors, sources familiar with the Faber matter said. The Tesla CEO at that time did not explicitly mention any close financing round, but the sources suggested that Xai was a capital increase prepared in the near future.
The artificial intelligence firm last month acquired X in an agreement of the entire stock that valued XAI at $ 80 billion and the social networks platform at $ 33 billion.
“The futures of Xai and X are intertwined. Today, we officially take the step to combine the data, models, calculators, distribution and talent,” Musk said in X, announcing the agreement. “This combination will unlock immense potential by combining Xai’s advanced capacity and experience with the massive reach of X”.
Read the full story of Bloomberg here.
– Samantha subin of CNBC contributed to this report.