Elon Musk Denies Reports of xAI Raising $15 Billion

Elon Musk has denied reports that his artificial intelligence company xAI raised $15 billion in new funding, reports Reuters. The CNBC report, citing sources familiar with the matter, claimed the funding was an extension of a $10 billion round that valued xAI at $200 billion.

Musk called the report “false” in a post on X. xAI also responded with an automated message stating “Legacy Media Lies” when asked for comment. Reuters noted that Musk had previously denied CNBC’s earlier report about a $10 billion capital raise.

According to CNBC’s reporting, the funds were said to be intended for purchasing graphics processing units to train large language models. xAI has been expanding its infrastructure, including building a major data center in Memphis, Tennessee, to support its AI systems.

The startup, founded in 2023, is positioning itself as a competitor to OpenAI and Anthropic, focusing on developing large-scale AI capabilities and integrating its Grok chatbot into Musk’s other ventures.