The company has already sold $134.7 million of the securities, with another $865.3 million remaining to be sold, according to a filing made with the U.S. Securities and Exchange Commission (SEC). The minimum investment accepted from any outside investor is $2 million.
The filing says that Musk, who took over Twitter and renamed it X, is an executive officer and director of X.AI.
Also listed as an executive is Jared Birchall, a former Goldman Sachs, Merrill Lynch and Morgan Stanley executive who is reported to be the manager of Elon Musk's family office.
CoinDesk previously reported that in April 2023, when Musk merged Twitter into X Corp., he also registered X.AI 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.
Elon Musk, artificial intelligence and crypto
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 jumped after CoinDesk reported the news. The token was up 7.4% in the past 24 hours as of press time.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.