Elon Musk-Backed X.AI Files With SEC to Raise Up to $1B in Equity Offering

The filing says the company has already sold $134.7 million of the securities.

AccessTimeIconDec 5, 2023 at 7:11 p.m. UTC
Updated Mar 8, 2024 at 6:16 p.m. UTC

X.AI Corp., backed by Tesla CEO and X owner Elon Musk, is raising up to $1 billion in equity securities offering, according to a regulatory filing.

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

Musk is closely followed in the crypto industry since Tesla was one of the first big corporate buyers of bitcoin (BTC) and since X is such a prominent venue for information exchange among blockchain companies.

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.


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Bradley Keoun

Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.

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