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- Musk's xAI seeks up to $200 billion valuation in next funding round, FT reports</p>
<p>July 11, 2025 at 3:44 PM</p>
<p>(Reuters) -Elon Musk's xAI is preparing to raise more money from investors in a deal that could value the artificial-intelligence company between $170 billion and $200 billion, the Financial Times reported on Friday, citing people close to the discussions.</p>
<p>Saudi Arabia's PIF sovereign wealth fund is expected to play a large role in the deal, according to the FT report. PIF holds an indirect interest in xAI through its stake in Kingdom Holdings Company, which has an $800 million investment in the firm.</p>
<p>The talks were preliminary and the details could change, the report said.</p>
<p>"XAI is not seeking funding right now. We have plenty of capital," Musk posted on X after the FT report.</p>
<p>PIF did not immediately respond to a Reuters request for comment.</p>
<p>Morgan Stanley said in late June that xAI had completed a $5 billion debt raise alongside a separate $5 billion strategic equity investment, as the startup looks to expand its AI infrastructure through data centers amid intense competition.</p>
<p>The AI startup acquired X, Musk's social media business formerly known as Twitter, in March, valuing xAI at $80 billion and X at $33 billion.</p>
<p>Musk launched xAI in July 2023 as an alternative to OpenAI's ChatGPT, which said in March that it would raise up to $40 billion at a $300 billion valuation.</p>
<p>XAI expects to generate more than $13 billion in annual earnings by 2029, according to numbers revealed by its banker, Morgan Stanley, Bloomberg News reported in June.</p>
<p>The company expects $1 billion in gross revenue by the end of this year and plans to spend $18 billion on investments in data centers going forward.</p>
<p>(Reporting by Juby Babu in Mexico City; Editing by Pooja Desai)</p>
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