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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