xAI, backed by Elon Musk, is attempting to raise $1 billion via a stock offering. Details are available here

 xAI, backed by Elon Musk, is attempting to raise $1 billion via a stock offering. Details are available here

 xAI, backed by Elon Musk, is attempting to raise $1 billion via a stock offering. Details are available here

An stock sale sponsored by Elon Musk and called xAI is aiming to raise $1 billion, as per a filing with the US Securities and Exchange Commission.

A document that the Elon Musk-led artificial intelligence firm xAI filed with the US Securities and Exchange Commission states that the business hopes to attract $1 billion in capital from equity investors. Additionally, the paper states that xAI has already raised around $135 without naming the investors.

In July of this year, Musk established xAI with the goal of "understanding the true nature of the universe." The artificial intelligence startup hopes to take on major competitors in the market, such as Microsoft, Google, Anthropic, and OpenAI.

Grok, the first language model developed by XAI, was unveiled by Musk last month. It has real-time access to Twitter and was trained using data from X (previously Twitter). That even recommends what questions to ask, according to a statement released alongside Grok's release! Grok is not for you if you detest comedy since it is meant to respond to inquiries with a hint of cleverness and rebelliousness.

Musk has said that X Premium+ subscribers would have first access to Grok when it is ready, even though it is still under development.

History of AI by Elon Musk: This year, the 52-year-old entrepreneur has drastically shifted his views on the subject, calling out ChatGPT from OpenAI and other AI chatbots as "politically correct" and claiming that AI represents "one of the biggest risks." One plans to start his own AI corporation, calling it "the future of civilization".

But Musk is no stranger to the AI sector; in 2015, the billionaire participated in the co-founding of OpenAI. In a Semafor report, Musk claimed that OpenAI "lag badly behind Google" and made an offer to take over the business. Sam Altman and the other OpenAI co-founders rejected his approach, which resulted in the company's 2018 merger. In 2017, billionaires withdrew from OpenAI.