Morgan Stanley Opens xAI Books With Musk
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Elon Musk’s xAI aims high with a $5 billion loan and $113 billion valuation, highlighting the startup’s rapid rise in the competitive AI market.
(Reuters) -Billionaire Elon Musk's xAI expects to generate more than $13 billion in annual earnings by 2029, according to numbers revealed by the artificial intelligence startup's banker Morgan Stanley, Bloomberg News reported.
Elon Musk is selling $5 billion in debt for his artificial intelligence startup, xAI Corp., the latest in a series of fundraising efforts across his business empire as the billionaire pivots away from politics and returns to running his various companies.
Morgan Stanley is shopping a $5 billion debt package for Elon Musk's xAI and the artificial intelligence company is seeking a valuation of $113 billion in a share sale worth $300 million, according to media reports on Monday.