SpaceX Invests $2 Billion in Elon Musk’s AI Startup xAI
SpaceX, an aerospace company owned by American billionaire Elon Musk (whose fortune, according to Forbes Real-Time, is $404.2 billion), is investing $2 billion in the businessman’s AI startup xAI, which developed the Grok chatbot, The Wall Street Journal reports, citing investors. According to the newspaper, SpaceX’s investment is part of a $5 billion round of funding announced by Morgan Stanley in June.
This is the aerospace company’s first investment in xAI and one of its largest investments in another company, the WSJ noted. This month, it was reported that xAI Holdings was in talks with investors to raise additional capital, which would increase its market cap from $170 billion to $200 billion. However, Musk denied these reports, stating on the X social network that xAI is not seeking additional funding, as it has sufficient capital. WSJ previously reported that the AI chatbot Grok is already being used in the customer support service of SpaceX’s Starlink satellite internet service. According to the resource’s sources, SpaceX and xAI intend to expand the partnership in the future.
On July 1, Reuters reported that xAI had raised $10 billion, including through debt sales and equity investments. The agency noted that Musk would use the funds to build a data center, develop Grok, and develop artificial intelligence solutions.
