Elon Musk-Backed X.AI Corp. Seeks to Raise $1 Billion in Securities Offering

According to CoinDesk, X.AI Corp., supported by Elon Musk, is looking to raise up to $1 billion in a securities offering, as revealed in a regulatory filing. The filing, submitted to the U.S. Securities and Exchange Commission on Tuesday, states that Musk, who took over Twitter and rebranded it as X, serves as an executive officer and director of X.AI. CoinDesk had previously reported that in April 2023, when Musk merged Twitter into X Corp., he also registered X.AI Corp. as an artificial intelligence startup. The entrepreneur then founded xAI, his own company aimed at "understanding the universe." This news led some crypto users to create numerous "X" tokens on various blockchains. According to the recent filing, a sale of equity securities is planned. The company has already sold $134.7 million of the securities, with another $865.3 million still to be sold. The minimum investment accepted from any external investor is $2 million.