Elon Musk’s artificial intelligence (AI) company, xAI, has raised $10 billion in funding.
The money was split between debt and equity, with several large investors competing to take part in the deal, according to a July 1 report by CNBC.
A major focus for this new funding will be the expansion of xAI’s Colossus supercomputer in Memphis, which is used to train Grok and other AI tools.
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The fundraising round was reportedly oversubscribed, which shows interest in Musk’s plan to compete with companies like OpenAI.
While the business side of xAI is gaining momentum, Musk is once again clashing with US President Donald Trump. On July 1, the president posted a message on Truth Social accusing Musk of benefiting too much from government support.
President Trump suggested that Musk’s companies, SpaceX, Tesla, and others, should face scrutiny from a new federal department called the Department of Government Efficiency (DOGE). He claimed that halting their projects could save the country a large amount of money.
Musk responded, “I am literally saying CUT IT ALL. Now”. He tried to make it clear that he does not rely on federal aid and supports reducing government spending entirely.
Meanwhile, Senator Cynthia Lummis recently introduced an amendment to Trump’s spending bill aimed at helping crypto users. What is it? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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