Elon Musk's AI company xAI has raised $10 billion in funding, split evenly between equity and debt, according to The Information. Morgan Stanley, which handled the debt financing, said the mix lowers capital costs and gives xAI broader access to funding. The bank did not disclose details about the investors involved. Back in December, xAI secured $6 billion from backers including Andreessen Horowitz, BlackRock, Lightspeed Venture Partners, and MGX to build AI data centers and further develop Grok, its competitor to ChatGPT. xAI later acquired Musk's platform X through a share swap, pushing the company's valuation to $113 billion.
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