X.AI, Elon Musk's AI Play, Files for $1 Billion Equity Offering

One month after releasing its Grok AI chatbot on Twitter, Elon Musk-backed AI startup X.AI has notified the Securities and Exchange Commission today that it plans to raise up to $1 billion in equity.

According to the Form D filing with the SEC, the notice of exempt offerings of securities in the technology sector will provide equity to investors who have at least $2 million to spend.

As of the Tuesday notice, which sets a $1 billion total offering target, there has already been $134,679,312 in equity purchased since the first sale on Nov. 29.

Elon Musk and X.AI corporate secretary Jared Birchall are the only individuals listed on the filing, in which they declined to disclose the revenue range of the company. Sales will be brokered in California and Texas.

Tech titan Musk represents a significant intersection of the cryptocurrency and AI industries, the latter of which has eclipsed the former in growth and investor interest since the public release of ChatGPT by OpenAI last year.

Although Musk has unequivocally ruled out the issuance of a digital asset based on Twitter, his longstanding affection for the Dogecoin memecoin has reliably moved markets whenever he posts about it. He is, in fact, targeted in a class-action lawsuit over his Dogecoin tweets, which the plaintiffs argue were part of an insider trading scheme to pump up the coin's value.

Since the debut of Grok, the completely unafilliated and unofficial GROK token took investors on a wild ride, from huge gains to an unsurprising crash, which was reportedly triggered by allegations that it was launched by a known scammer.

So beloved is Musk among crypto fanatics, any notable utterance by the executive regularly inspires a memecoin—or several.