Elon Musk’s xAI raising up to $6 billion to purchase 100,000 Nvidia chips for Memphis data center

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Elon Musk’s xAI raising up to $6 billion to purchase 100,000 Nvidia chips for Memphis data center

Elon Musk’s xAI raising up to $6 billion to purchase 100,000 Nvidia chips for Memphis data center

Elon Musk listens as US President-elect Donald Trump speaks during a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC. 

Allison Robbert | Getty Images

Elon Musk’s artificial intelligence company xAI is raising up to $6 billion at a $50 billion valuation, according to CNBC’s David Faber.

Sources told Faber that the funding, which should close early next week, is a combination of $5 billion expected from sovereign funds in the Middle East and $1 billion from other investors, some who may want to be re-upping their investments.

The money will be used to acquire 100,000 Nvidia chips, per sources familiar with the situation. Tesla‘s Full Self Driving is expected to rely on the new Memphis supercomputer.

This story is developing. Check back for updates.

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