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- Elon Musk’s xAI has been issued permits for 15 natural gas turbines at its Memphis data center, TechCrunch reported.
- The permits were issued by Shelby County Health Department and allow xAI to operate 15 Solar SMT-130 generators and generate up to 247 MWs in power, the news outlet added.
- The maker of the Grok chatbot recently raised $10B in funding from investors, including $5B in debt and $5B in equity, Morgan Stanley, the firm’s banker, said earlier this week. The capital funding announcement came days after it was reported that xAI was burning through roughly $1B per month.
- In March, xAI acquired Musk’s social network X in an all-stock deal, which propelled xAI to a $113B valuation.
- Musk, who also leads SpaceX (SPACE) and Tesla (NASDAQ:TSLA), said in July 2024 he would bring the idea of Tesla investing $5B into xAI to the electric vehicle maker’s board of directors after the idea received nearly two-thirds of “yes” votes in an online poll.
- The startup is expected to generate $13B in annual earnings by 2029, Bloomberg reported, citing documents from Morgan Stanley.