Musk AI company xAI is negotiating a new round of financing with a valuation of US$120 billion

PANews reported on May 9 that according to the New York Times, Musk's AI startup xAI is negotiating a new round of financing, and its valuation may rise to US$120 billion, a sharp increase from US$80 billion in March. Investors discussed the financing amount to approximately US$20 billion. Previously, Musk had sold social platform X to xAI in an all-stock manner, so that the two businesses were deeply integrated. xAI's chatbot Grok is trained based on X platform user data and contributes part of its revenue to X. The round of financing follows OpenAI's announcement of a $300 billion valuation.