Elon Musk’s xAI aims high with a $5 billion loan and $113 billion valuation, highlighting the startup’s rapid rise in the competitive AI market.

Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.

Elon Musk's xAI is seeking a valuation of $113 billion in a share sale worth $300 million, the Financial Times reported on Monday, citing people close to the situation. The deal would allow employees to sell shares to investors and a larger investment round is expected to follow the secondary stock offer,