Elon Musk’s AI start-up seeks to raise up to $6 billion: Report

Elon Musk’s artificial intelligence start-up xAI is in talks to raise up to $6 billion at a proposed valuation of $20 billion, the Financial Times reported on Friday, as the billionaire entrepreneur looks to mount a challenge to OpenAI.

The start-up has been in talks with family offices in Hong Kong and is targeting sovereign wealth funds in the Middle East for the funding, according to the report, which cited multiple people familiar with the matter.

The AI race has been heating up with several investors signing big checks for start-ups looking to capitalize on what has captured Silicon Valley’s attention over the past year.