According to a statement filed with the US Securities and Exchange Commission, Elon Musk's artificial intelligence venture xAI is aiming to raise $1 billion in equity capital from investors. The letter also stated that xAI has already raised approximately $135 million, without naming the investors.

Musk created xAI in July of this year with the goal of "understanding the true nature of the universe." The artificial intelligence business intends to compete with industry leaders such as Google, Microsoft, OpenAI, and Anthropic.

Musk revealed xAI's first language model, Grok, last month, which is trained using X (previously Twitter) data and has real-time access to the social media platform. "Grok is an AI modeled after the Hitchhiker's Guide to the Galaxy, so intended to answer almost anything and, far more difficult, even suggest what questions to ask!" xAI said in a statement announcing the release of Grok. Grok is intended to answer questions with wit and has a rebellious streak, so don't use it if you despise humor!"

Grok is presently in development, and Musk has stated that X Premium+ subscribers would be the first to receive access to his chatbot when it is completed.

Musk's AI background:

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This year, the 52-year-old billionaire has gone from criticizing existing AI chatbots, particularly OpenAI's ChatGPT, for being "politically correct" and stating that artificial intelligence is "one of the biggest risks to the future of civilization" to launching his own AI company.

However, this is not Musk's first attempt into the AI market; in 2015, he helped co-found OpenAI. According to Semafor, Musk claimed that OpenAI had fallen "fatally behind Google" and offered to take over the firm, which was rejected by Sam Altman and other OpenAI co-founders, prompting Musk's departure from OpenAI in 2018.