Elon Musk Denies $500 Million Funding Report for xAI, Challenges ‘Fake News’ Claims

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Elon Musk is refuting recent reports suggesting that his artificial intelligence (AI) venture, xAI, secured $500 million in funding commitments.

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Musk dismissed the information as inaccurate, stating on his social media platform X, “This is simply not accurate.” 

There is widespread speculation about the billionaire’s new company’s financial status and potential valuation.

Investors are currently in the process of finalizing terms with Musk. The current discussions are expected to conclude in the coming weeks. According to Bloomberg, some parties are exploring the option of obtaining computing power and/or equity shares in the venture.

xAI finalizing equity offering

Last December, Musk had stated that xAI was not raising funds, contradicting the startup’s filing with the U.S. securities regulator to raise up to $1 billion in an equity offering.