Elon Musk’s xAI aims high with a $5 billion loan and $113 billion valuation, highlighting the startup’s rapid rise in the competitive AI market.

Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.

Elon Musk's generative artificial intelligence startup xAI is expected to generate $13B in annual earnings by 2029, Bloomberg reported, citing documents by its banker, Morgan Stanley. Founded in March 2023 and publicly unveiled to the world a few months later,