Elon Musk refuted information that his AI (artificial intelligence) company xAI received investments of $500 million out of a target of $1 billion. In response to a message on X (formerly Twitter), Musk stated that the information published by Bloomberg is "inaccurate". Bloomberg sources claim that xAI is discussing a company valuation in the range of $15 to $20 billion, with adjustments possible in the coming weeks.

Musk and investors plan to agree on the terms of the deal shortly, including discussions on the possibility of obtaining computing power along with xAI equity shares. In November 2023, Musk mentioned that investors in X shares would receive 25% of xAI shares, advising them to invest at least 25% of the amount they invested in X into xAI.

xAI, launched by Musk in 2023 as an alternative to OpenAI, developed the Grok chatbot, based on content from social networks from X. In December 2023, xAI conducted a private sale of unregistered equity securities amounting to $865.3 million, according to a statement filed with the U.S. Securities and Exchange Commission. Form D states that the securities will be sold to accredited investors with resale restrictions in accordance with Rule 506(b), and that securities worth $134.7 million have already been sold.