Elon Musk reignites AI war, startup X.AI seeks to raise $1 billion

According to documents filed with the SEC, Elon Musk's artificial intelligence company X.AI is raising up to $1 billion through the issuance of new shares. Currently, $134.7 million in securities have been sold, with an additional $865.3 million available for sale, and the minimum investment amount is $2 million.

Elon Musk founded the artificial intelligence company "X.AI" in early March, aiming to develop a generative artificial intelligence system that would allow Musk to challenge OpenAI, a company he co-founded in 2015 and is supported by Microsoft. Musk had left the board of OpenAI in 2018 due to conflicts with the management.

In mid-November, Musk announced that X Corp, the predecessor to Twitter, would own 25% of X.AI. He also discussed with some investors of SpaceX and Tesla about investing in his new venture, X.AI.

X Corp, the predecessor to Twitter, will become a major shareholder in xAI, with CZ also joining as an AI investor.

According to the documents, X.AI is raising up to $1 billion by issuing new shares. They have already sold $134.7 million in securities, with another $865.3 million to be sold, and the minimum investment amount is $2 million.

The documents list Musk as the director and CEO, and also reveal another key player - former Goldman Sachs, Merrill Lynch, and Morgan Stanley executive Jared Birchall. According to reports, Birchall has been managing the Elon Musk family office for seven years and helped Musk arrange the acquisition of Twitter, now renamed X, with a $46.5 billion funding. Jared Birchall is listed as an Executive Officer in the documents alongside Musk.

This news also boosted Musk's favorite meme coin, Doge, which surged significantly. Dogecoin has seen a 2.6% increase in the past 24 hours and a 17.5% increase in the last 7 days, ranking seventh in the cryptocurrency market capitalization excluding stablecoins.