X.AI, Elon Musk's AI startup, has filed with the SEC to raise up to $1 billion in an equity offering

  • The company has raised nearly $135 million from four investors, with the first sale occurring on Nov. 29.
  • X.AI aims to “understand the true nature of the universe” and competes with companies like OpenAI and Google in the AI chatbot space.
  • Musk incorporated X.AI in Nevada in March and it is separate from his other companies, such as Tesla and SpaceX.
  • X.AI has a team of experienced AI engineers and scientists from companies like DeepMind and OpenAI.
  • Musk stated that the startup was formed because talented AI professionals were more willing to join a startup than an established company like Tesla.