Elon Musk is in talks with some of the largest investors in the Middle East about a fundraising for his artificial intelligence start-up that could roughly double the one-year-old company’s valuation to $45bn.
According to six people with knowledge of the conversations, xAI is in early talks with new and existing investors, seeking fresh capital to compete with OpenAI, which recently raised more than $10bn in debt and equity, as well as Anthropic and Big Tech rivals including Google and Meta.
Musk has approached investors in Qatar and Saudi Arabia about backing his AI start-up, according to three of the people. He has also talked to current investors including Sequoia Capital and Valor Equity Partners.
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