![Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California.](https://img.etimg.com/thumb/msid-109963888,width-650,height-488,imgsize-93376,resizemode-75/elon-musk-co-founder-of-tesla-and-spacex-and-owner-of-x-holdings-corp-speaks-at-the-milken-institutes-global-conference-at-the-beverly-hilton-hotelon-may-6-2024-in-beverly-hills-california-.jpg)
The size of the round hasn’t been finalised, the people said, asking not to be identified as the information isn’t public. The maker of AI chatbot assistant Grok was set to raise $6 billion in the round, whose participants include Sequoia Capital, Bloomberg News has reported.
The funding round for the OpenAI rival was being marketed via a pitch deck highlighting potential selling points for investors, touting Musk’s track record at Tesla Inc. and SpaceX, and noting that xAI will be able to train on the high-quality data from X, a person familiar with the matter has said.
Having access to data is crucial for building large language models, the technology that powers AI chatbots, an area where xAI aims to compete with other well-funded businesses such as OpenAI.