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Musk’s xAI Eyes $170-$200 Billion Valuation in Upcoming Funding Round, Financial Times Reports

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Elon Musk’s artificial intelligence company xAI is reportedly preparing to raise additional capital in a funding round that could value the firm between $170 billion and $200 billion, according to the Financial Times, citing sources close to the discussions. Saudi Arabia’s Public Investment Fund (PIF) is expected to play a significant role in the round, holding an indirect stake in xAI through its investment in Kingdom Holdings Company, which has put $800 million into the AI startup.

The discussions are still preliminary, and details may evolve, the report noted. Musk himself responded on X, stating that xAI is not currently seeking funding and has sufficient capital. PIF did not immediately comment on the report.

Previously, in June, Morgan Stanley disclosed that xAI completed a $5 billion debt raise along with a separate $5 billion strategic equity investment. The company is aggressively expanding its AI infrastructure with new data centers amid increasing competition in the sector.

xAI acquired X (formerly Twitter) in March, valuing the AI firm at $80 billion and X at $33 billion. Musk founded xAI in July 2023 to compete with OpenAI’s ChatGPT, which recently announced plans to raise up to $40 billion at a $300 billion valuation.

According to projections shared by Morgan Stanley, xAI expects to generate over $13 billion in annual earnings by 2029 and anticipates $1 billion in gross revenue by the end of this year. The company also plans to invest $18 billion in data center expansion going forward.

AI chip startup Groq targets $6 billion valuation in new funding round amid Saudi deal

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U.S.-based semiconductor startup Groq is in talks with investors to raise between $300 million and $500 million, aiming for a post-investment valuation of $6 billion, according to a report by The Information on Wednesday citing sources familiar with the matter.

The funding is intended to support Groq’s recently announced agreement with Saudi Arabia, which includes a $1.5 billion commitment secured in February to expand the delivery of Groq’s advanced AI chips to the kingdom.

Groq has indicated to investors that these contracts with Saudi Arabia could generate approximately $500 million in revenue in 2025, underscoring the significance of the deal in its growth trajectory.

The Silicon Valley-based company, known for manufacturing AI inference chips designed to optimize speed and efficiently execute commands from pre-trained models, has not yet responded to requests for comment.

In its previous financing round last August, Groq raised $640 million in a Series D round led by Cisco Investments, Samsung Catalyst Fund, and BlackRock Private Equity Partners, which valued the company at $2.8 billion.

Dutch Climate Tech Firm Dexter Energy Raises €23 Million to Boost AI-Driven Renewable Energy Services

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Dexter Energy, a climate technology company based in Amsterdam, announced on Wednesday that it has secured €23 million (approximately $27.1 million) in a recent funding round. The investment will support the expansion of its AI-powered services focused on renewable energy and battery trading.

The funding round, led by financial services firm Alantra, also included participation from notable investors such as France’s Mirova, ETF Partners, Newion, and Klima. These investors share Dexter Energy’s vision of AI as a critical infrastructure component for electricity grids increasingly reliant on renewable energy and storage solutions.

Founded in 2017, Dexter Energy uses artificial intelligence and data-driven models to optimize trading in power markets. Its advanced price forecasting tools integrate over a dozen external data sources, including weather forecasts and market information. According to the company, its AI-backed trading solutions can boost wholesale market revenues by up to 30% for renewable energy producers.

The injection of new capital will enable Dexter Energy to expand its services further within the Netherlands and across broader European markets, supporting the continent’s transition to cleaner energy sources amid volatile renewable markets.