Musk says xAI is not raising capital after CNBC report on $10 billion funding

 Elon Musk has denied reports that his artificial intelligence company xAI secured $10 billion in new funding at a $200 billion valuation.

Musk posted on X, "Fake news. xAI is not raising any capital right now," directly contradicting a CNBC report published Friday that cited sources familiar with the matter.

The CNBC report had claimed the funding would have represented more than a twofold increase from xAI’s $75 billion valuation in July, according to Pitchbook data.

The report also suggested the alleged funding would have positioned xAI among the world’s most valuable companies, behind only OpenAI, China’s Bytedance, and Musk’s space exploration company SpaceX.

According to the now-disputed report, the capital would have potentially been allocated toward building data centers equipped with graphics processing units from NASDAQ:NVDA and NASDAQ:AMD, which are essential for developing next-generation artificial intelligence systems.

The AI startup did not immediately respond to a formal request for comment about the reported funding round before Musk’s public denial.

https://www.investing.com/news/stock-market-news/elon-musks-xai-raises-10-billion-valuation-soars-to-200-billion-93CH-4247373