Insiders: Musk's xAI plans to raise $20 billion.

According to Foresight News, Elon Musk’s xAI holding company is in talks with investors to raise about $20 billion for its newly integrated artificial intelligence start-up and social media business, according to people familiar with the matter. If the deal goes through, it will be the second-largest startup funding round ever, after OpenAI’s $40 billion funding round earlier this year, according to data provider PitchBook. People familiar with the matter said that the size of the round could exceed $20 billion, but the total amount has not yet been finalized, and the terms are still subject to change. This round of financing will put the company at a valuation of more than $120 billion. Financing negotiations are still at an early stage, and the company aims to complete the financing in the coming months. XAI Holdings, announced in March this year, was formed by the merger of Platform X (formerly Twitter) with Musk’s artificial intelligence business, xAI. A person familiar with the matter said that the new money could be used to pay off debts incurred when Musk took Twitter private (later renamed X).