The tech billionaire's 10-month-old company, which has unveiled a chatbot called 'Grok', is expected to close the deal in the next few weeks, reports TechCrunch citing sources.
"Sequoia Capital, the venture fund co-founded by Musk's longtime friend Steve Jurvetson, and Future Ventures are participating in the round," the report said.
Other participants are likely to include Valor Equity Partners and GigaFund V Firm.
Musk or XAI did not immediately comment on the report.
The Tesla and SpaceX owner co-founded OpenAI in 2015, but left its board in 2018 due to disagreements with its board.
The xAI company is currently hiring engineers and designers in addition to the product, data, and infrastructure areas.
The AI company is offering employees benefits such as competitive cash, equity-based compensation, medical, dental and vision insurance, and unlimited paid leave.
Founded in 2023, xAI unveiled its first AI product in November last year.
The AI chatbot 'Grok 2' is now in training and will "exceed all expectations" when released, Musk said.
"Sequoia Capital, the venture fund co-founded by Musk's longtime friend Steve Jurvetson, and Future Ventures are participating in the round," the report said.
Other participants are likely to include Valor Equity Partners and GigaFund V Firm.
Musk or XAI did not immediately comment on the report.
The Tesla and SpaceX owner co-founded OpenAI in 2015, but left its board in 2018 due to disagreements with its board.
The xAI company is currently hiring engineers and designers in addition to the product, data, and infrastructure areas.
The AI company is offering employees benefits such as competitive cash, equity-based compensation, medical, dental and vision insurance, and unlimited paid leave.
Founded in 2023, xAI unveiled its first AI product in November last year.
The AI chatbot 'Grok 2' is now in training and will "exceed all expectations" when released, Musk said.
