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Elon Musk's AI firm xAI files to raise up to $1 billion in equity offering By Reuters

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Introduction(Reuters) -Elon Musk's artificial intelligence startup xAI has filed with the U.S. securities regula ...

(Reuters) -Elon Musk's artificial intelligence startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering,Official MT5 Download Software according to a filing on Tuesday.

The company has raised $134.7 million in equity financing from a total offering amount of $1 billion, the filing with the Securities and Exchange Commission showed.

Elon Musk's AI firm xAI files to raise up to $1 billion in equity offering By Reuters

Fundraising for AI remains a bright spot for startups this year, following OpenAI's launch of popular chatbot ChatGPT last year and raising of $10 billion from its strategic backer (NASDAQ:). Regulators, however, are concerned about the potential use of the technology to spread misinformation.

Musk has been vocal about his plans to build safer AI. In a Twitter Spaces event earlier in the year he said that rather than explicitly programming morality into its AI, xAI will seek to create a "maximally curious" AI.

The billionaire, who has criticized Big Tech's AI efforts as ridden with censorship, in July launched xAI, calling it a "maximum truth-seeking AI" to rival Google (NASDAQ:)'s Bard and Microsoft's Bing AI.

In 2015, Musk co-founded OpenAI, the company behind ChatGPT, which has created a frenzy for generative AI technology around the world, but stepped down from the board in 2018.

XAI last month launched "Grok" a chatbot rivaling OpenAI's ChatGPT.

The artificial intelligence startup will be integrated into his social media platform X and also be available as a standalone app, Musk said in a post in November.

The team behind xAI, which launched in July this year, comes from Google's DeepMind, the Windows parent, and other top AI research firms.

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