On June 18, according to reports, Elon Musk's artificial intelligence company xAI spends $1 billion a month on the research and development of its AI models.
The company is seeking to raise $9.3 billion through debt and equity financing and plans to spend more than half of the funds within the next three months. Meanwhile, xAI informed investors that it expects this year's revenue to be only $500 million.
To catch up with competitors like OpenAI, xAI is accelerating the construction of a high-cost supercomputing center in Tennessee. However, some investors believe that xAI has a certain advantage in the competition because it has merged with Musk's social media platform X, which allows it to access news, posts, and other information released by users to train its AI models.
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Musk's xAI burns $1 billion a month and is seeking $9.3 billion in funding to catch up with OpenAI.
On June 18, according to reports, Elon Musk's artificial intelligence company xAI spends $1 billion a month on the research and development of its AI models.
The company is seeking to raise $9.3 billion through debt and equity financing and plans to spend more than half of the funds within the next three months. Meanwhile, xAI informed investors that it expects this year's revenue to be only $500 million.
To catch up with competitors like OpenAI, xAI is accelerating the construction of a high-cost supercomputing center in Tennessee. However, some investors believe that xAI has a certain advantage in the competition because it has merged with Musk's social media platform X, which allows it to access news, posts, and other information released by users to train its AI models.