Elon Musk’s artificial intelligence startup xAI is targeting a $20 billion capital raise linked to Nvidia hardware, Bloomberg News has reported.
XAI’s latest funding round will include up to $2 billion in equity investment from Nvidia, with the remainder comprising about $7.5 billion in equity and as much as $12.5 billion in debt, according to Bloomberg News on Tuesday, citing unnamed sources.
The deal is structured through a special purpose vehicle that will be used to purchase Nvidia’s graphics processing units (GPUs), which xAI intends to deploy in its Colossus 2 data centre.
Nvidia declined to comment on the report. XAI did not immediately respond to Reuters’ request for comment.
The capital raise marks a significant expansion from earlier speculation that xAI was seeking $10 billion in funding.
In September, Musk denied a CNBC report suggesting the company had already reached that figure, though he confirmed future capital raising was likely.
Nvidia, a key supplier of AI hardware, has seen soaring demand for its chips amid a global race for AI infrastructure. Its market capitalisation surpassed $1 trillion in 2023, driven largely by interest in generative AI systems.
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A survivor of the air strike on a Kabul drug rehabilitation centre described scenes of devastation, saying patients were engulfed in flames moments after explosions tore through the facility late Monday (16 March).
Israel's Defence Minister Israel Katz has said that Iran's security chief Ali Larijani was killed in targeted strikes on the country.
The real power of the Strait of Hormuz lies not in closing it, but in the threat of closure.
Israel’s Defence Minister Israel Katz has said the country’s military killed two of Iran’s most senior security figures in overnight airstrikes, as tensions across the Middle East continue to escalate.
The other evening, I was fuelling my car at a petrol station in Kenya’s capital. It was one of those small moments most motorists barely notice. The attendant filled the tank, I glanced at the pump price, paid, and drove off.
President Trump called on countries to assist in reopening the Strait of Hormuz, while Starmer said the UK is working with allies to restore navigation and stabilise oil markets. It comes as a strike near Iraq’s western border killed several Hashed al-Shaabi fighters, raising regional tensions.
Top U.S. and Chinese economic officials launched a new round of talks in Paris on Sunday (15 March) to resolve issues in their trade truce. The discussions aim to smooth the way for U.S. President Donald Trump’s visit to Beijing to meet Chinese President Xi Jinping at the end of March.
The process of evacuating foreign diplomats and citizens from Iran to Azerbaijan through the Astara state border crossing continues on Sunday (15 March), ensuring smooth and efficient transit for those arriving.
Israel's Defence Minister Israel Katz has said that Iran's security chief Ali Larijani was killed in targeted strikes on the country.
The prevailing security situation in the region has done little to deter entrepreneurs from the Commonwealth of Independent States (CIS) who continue to view Dubai as a premier and safe location for business.
China has raised the retail prices of petrol and diesel after global oil prices climbed sharply. The country’s top economic planning body, the National Development and Reform Commission (NDRC), announced the move after reviewing international oil market trends.
Global financial markets remained on edge on Friday as the escalating war involving the United States, Israel and Iran continued to rattle investors, fuelling volatility in stocks and sending energy prices sharply higher.
China’s top leadership has unveiled a new push to turn advanced technologies into large-scale industrial priorities as part of the country’s upcoming 15th Five-Year Plan, which will guide economic and social development from 2026 to 2030.
The European Commission sees no immediate impact on the European Union's security of oil supply from the escalating conflict in the Middle East, it said in an email to EU governments, seen by Reuters on Monday (2 March).
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