Elon Musk-backed X.AI Corp. is poised to secure up to $1 billion through a securities offering, according to a regulatory filing submitted to the U.S. Securities and Exchange Commission. In this filing, Elon Musk, now leading Twitter rebranded as X, is listed as an executive officer and director of X.AI Corp., an artificial intelligence startup established in April 2023 after Musk merged Twitter into X Corp. This development has spurred the creation of numerous "X" tokens across various blockchains within the crypto community.
The regulatory filing details the company's plan for a sale of equity securities, indicating that $134.7 million has already been sold, with an additional $865.3 million yet to be offered. External investors are required to commit a minimum investment of $2 million to participate in the securities offering.
Elon Musk's involvement in X.AI Corp. is seen as part of his broader initiatives, including the founding of xAI, a company dedicated to "understanding the universe." This strategic move aligns with Musk's commitment to advancing artificial intelligence and exploring innovative approaches to address complex challenges. As Musk continues to play a pivotal role in both the tech and crypto spheres, the funding raised by X.AI Corp. is anticipated to contribute to the development and implementation of cutting-edge AI technologies.
