Elon Musk's XAI seeks $20 billion for AI development

Elon Musk's company XAI is seeking to raise $20 billion for artificial intelligence development. The startup focuses on AI and social networks. If the deal goes through, it will become the second-largest funding round in history. The top spot is held by OpenAI, which raised $40 billion this year, according to PitchBook data. XAI's valuation is estimated at over $100 billion excluding debt obligations.