Elon Musk’s AI startup xAI (X.AI) is expected to close a $15B funding round at a $230B pre-money valuation next month, CNBC reported, citing people with knowledge of the matter.
The deadline for allocation is the end of the day on Tuesday, while the round is anticipated to close on Dec. 19, the report added.
xAI said, Legacy Media Lies, in an email to Seeking Alpha.
Earlier this month it was reported that the AI startup, which has created the chatbot Grok, was raising $15B, but the Tesla (TSLA) CEO had denied it.
At the time, sources told CNBC that xAI would use a large part of the proceeds for funding graphics processing units, or GPUs, responsible for powering large language models, or LLMs.
The news outlet had previously reported in September that the company was looking to raise $10B at a $230B valuation.
xAI’s rivals OpenAI (OPENAI) and Anthropic (ANTHRO) have also seen their valuations soar.
The ChatGPT maker had reached a $500B valuation in October after the Microsoft (MSFT)-backed company wrapped a secondary stock sale.
Meanwhile, Amazon and Alphabet’s (GOOG) (GOOGL) unit Google backed Anthropic (ANTHRO) closed a $13B funding round in September that valued it around $183B.