Reports have emerged that Elon Musk's artificial intelligence (AI) startup xAI has embarked on a $300 million (approximately 410 billion won) stock sale.
According to the Financial Times (FT) on Feb. 2 (local time), xAI plans to publicly sell the equity held by its employees to new investors. If the sale is successful, xAI's valuation is expected to reach $113 billion (155.9 trillion won).
FT predicted that after xAI sells its shares this time, it will enter a large-scale investment round offering newly issued shares to external investors.
xAI is an AI corporation founded by Musk in 2023, which acquired Musk's social media platform X (formerly Twitter) last March.
At that time, Musk stated that xAI's corporate value was assessed at $80 billion (110.4 trillion won) and X's value was estimated at $33 billion (45.5 trillion won). The price Musk paid to acquire Twitter in October 2022 was $44 billion (60.8 trillion won), and he changed the name from Twitter to X after the acquisition.
Musk has noted that the merger of xAI and X could yield benefits related to model integration, computing power, distribution, and personnel. However, he has not clearly disclosed the structure of the merger.
Musk stepped down as the head of the Department of Government Efficiency (DOGE) during the Donald Trump administration, recently saying he would focus entirely on his business.