Musk's xAI is negotiating with MGX to raise $5 billion at a valuation of about $45 billion

BlockBeats reported that on November 1, The Information reported that the UAE artificial intelligence investment institution MGX is in investment talks with Musk's xAI. According to representatives of both parties privately revealed, xAI is discussing raising $5 billion at a valuation of approximately $45 billion. xAI is the developer of the Grok chatbot.

If this round of investment is completed, it will be MGX's second major investment in the field of large language models. The 7-month-old company invested $6.6 billion in OpenAI last month. Mubadala Investment Co., one of MGX's two main supporters, also invested in Anthropic through an affiliate by purchasing shares previously held by the bankrupt cryptocurrency exchange FTX.