Elon Musk-backed AI startup X.AI files for $1 billion equity offering

Elon Musk's AI startup, X.AI, has filed with the SEC to raise up to $1 billion in an equity offering. The company has already raised at least nearly $135 million from four investors, and the filing suggests that the company may have raised the full amount it's seeking ("[t]he issuer has entered into a binding and enforceable agreement for the purchase and sale of the Total Remaining to be Sold listed above"). Musk, who also runs Tesla, SpaceX, Boring Company, and Neuralink, said last month that investors in X (formerly Twitter) would own 25% of X.AI. Last month, X.AI launched a chatbot called Grok, which is designed to compete with other AI systems like Google's Bard technology and Anthropic's Claude chatbot.