New Delhi: Taking on Sam Altman-run OpenAI, Elon Musk-run xAI is reportedly raising at least $6 billion at a valuation of about $18 billion.
The 10-month-old company by the tech billionaire, which has unveiled an AI chatbot called ‘Grok’, is expected to close the deal in the next few weeks, reports TechCrunch, citing sources.
“Sequoia Capital and Future Ventures, the venture fund co-founded by Musk’s long-time friend Steve Jurvetson, are participating in the round,” the report mentioned.
Other participants are likely to include Valor Equity Partners and Gigafund VC firms.
Musk or xAI did not immediately comment on the report.
The Tesla and SpaceX owner had co-founded OpenAI in 2015 but left its board in 2018 over disagreements with its board.
xAI company is currently hiring engineers and designers, apart from people for product, data and infrastructure verticals.
The AI company is offering employee benefits like competitive cash and equity-based compensation, medical, dental and vision insurance and unlimited paid time off.
Founded in 2023, xAI unveiled its first AI product in November last year.
AI chatbot ‘Grok 2’ is now in training and will “exceed all expectations” when it is released, said Musk.