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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There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
Trade between Kazakhstan and Uzbekistan rose by 16.2% in 2025 to nearly $5 billion, underscoring deepening economic ties highlighted during a visit by Kazakhstan’s Foreign Minister Yerlan Kosherbayev.
Drones detected in Estonia appear to have strayed from Ukraine while headed for Russia, the Baltic country's armed forces said late on Tuesday. Estonia had earlier said it detected drones inside and outside its airspace overnight, with broadcaster ERR reporting that drone debris was found.
UK Prime Minister Keir Starmer, French President Emmanuel Macron and Japanese Prime Minister Sanae Takaichi have called for urgent action to reopen the Strait of Hormuz, as escalating conflict continues to choke one of the world’s most critical energy routes.
The Iran-U.S.-Israel conflict is intensifying, with fresh strikes near Tehran, European calls for restraint, and Iran threatening to target U.S. firms in the region, raising fears of a broader escalation across the Middle East.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
Egypt’s President Abdel Fattah al-Sisi on Monday urged U.S. President Donald Trump to intervene in the escalating Gulf conflict, warning that only he could prevent it from spreading further.
Australia’s move to ban social media access for children under 16 has intensified a global debate, as governments around the world weigh tougher rules amid growing concerns over mental health, safety and screen addiction.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
World Trade Organization (WTO) talks broke up with no agreement on Monday on a plan for reform or even on extending a moratorium on e-commerce, piling more pressure on the trade body that finds itself increasingly sidelined by economic nationalism.
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