Elon Musk’s AI startup seeks to raise $1bn in equity

Billionaire wants xAI to keep pace with rivals including OpenAI, Microsoft and Google

Elon Musk’s artificial intelligence startup xAI is looking to raise $1bn as the world’s richest man looks to keep pace with rivals including OpenAI, Microsoft and Google in the race to dominate the field.

The company has already raised $135m from investors and is seeking a total of $1bn in equity financing according to a filing with the US Securities and Exchange Commission.