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Elon Musk’s xAI closing in on $20 billion raise backed by Nvidia chips

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Elon Musk’s artificial intelligence startup, xAI, is nearing a massive $20 billion capital raise tied to Nvidia’s cutting-edge GPU technology, according to Bloomberg News. The report says the financing will combine both equity and debt, with Nvidia investing up to $2 billion as part of the equity tranche.

The funds are linked to Nvidia’s graphics processing units (GPUs), which xAI plans to deploy in its upcoming Colossus 2 data center. The financing structure reportedly includes around $7.5 billion in equity and as much as $12.5 billion in debt, channeled through a special purpose vehicle (SPV) designed to purchase Nvidia chips.

Neither Nvidia nor xAI has commented publicly on the deal. However, the move signals a deepening relationship between the world’s leading AI hardware maker and one of its most ambitious software challengers.

In September, Musk dismissed reports claiming xAI was raising $10 billion at a $200 billion valuation, though he confirmed the company would seek capital “in the coming months.” Founded in July 2023, xAI aims to build an alternative to OpenAI’s ChatGPT, focusing on developing artificial general intelligence systems with tighter integration to Musk’s broader tech ecosystem.

Nebius Signs $17.4 Billion AI Infrastructure Deal With Microsoft

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Nebius Group (NBIS.O) announced on Monday a five-year agreement with Microsoft (MSFT.O) to provide GPU infrastructure capacity, a deal valued at $17.4 billion that could expand to $19.4 billion if additional services are acquired. The news sent Nebius shares surging more than 47% in after-hours trading.

The partnership highlights the escalating demand for high-performance AI compute as tech giants race to secure infrastructure for training and running advanced models. Under the deal, Microsoft will gain access to Nebius’ dedicated GPU infrastructure from a new Vineland, New Jersey data center starting later this year.

Nebius specializes in offering AI cloud services powered by Nvidia GPUs, combining computing, storage, management tools, and in-house designed hardware to support AI developers. CEO Arkady Volozh said the deal is not only financially significant but also positions Nebius for accelerated AI cloud growth from 2026 onwards.

Microsoft already stands as the largest customer of CoreWeave (CRWV.O), another AI infrastructure provider. The Nebius agreement suggests the company is broadening its supply chain to mitigate risks as hyperscaler demand grows.

Amsterdam-based Nebius was formed after the split of Russian tech giant Yandex, and has been expanding rapidly into the U.S. and European AI infrastructure markets.

CoreWeave Shares Fall Despite Strong AI Demand as Losses Mount

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Shares of CoreWeave, the Nvidia-backed AI infrastructure firm, dropped 11% after the company reported a larger-than-expected loss for Q2. Operating expenses surged nearly fourfold to $1.19 billion, highlighting tension between rapid revenue growth and rising financial strain.

Analysts expressed concern over CoreWeave’s heavy reliance on key customers, such as OpenAI, and questioned its ability to grow profitably given widening losses, high capital needs, and deteriorating debt coverage. The company, which went public in March, had about $8 billion in debt last year and planned to use roughly $1 billion of IPO proceeds for debt repayment.

With the IPO lock-up period expiring soon, analysts expect volatility as insiders can sell shares for the first time. CoreWeave operates 33 AI data centers in the U.S. and Europe, providing access to Nvidia GPUs. Despite losses, surging demand helped the firm beat quarterly revenue estimates, and its stock has nearly tripled since its IPO.