X.AI Corp., backed by Tesla CEO and X owner Elon Musk, is raising up to $1 billion in a securities offering, according to a regulatory filing.
The filing, made Tuesday with the U.S. Securities and Exchange Commission, says that Musk, who took over Twitter and renamed it X, is an executive officer and director of X.AI.
CoinDesk 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 executive then established xAI, his own company to “understand the universe.”
The announcement prompted some crypto users to spin up scores of “X” tokens on multiple blockchains.
Musk is closely followed in the crypto industry, since Tesla was one of the first big corporate buyers of bitcoin (BTC), and since X is such a prominent venue for information exchange among blockchain companies.
The billionaire entrepreneur has also posted frequently about dogecoin (DOGE), the Shiba Inu breed-themed meme token, prompting occasional speculation that the digital asset might somehow be adopted or promoted by Musk as a form of payment.
The DOGE price appeared to jump after CoinDesk reported the news; as of press time DOGE was up 7.4% in the past 24 hours.
According to Tuesday’s filing, a sale of equity securities is planned.
The company has already sold $134.7 million of the securities, with another $865.3 million remaining to be sold, according to the filing.
The minimum investment accepted from any outside investor is $2 million.
Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.
