Elon Musk's xAI is negotiating with MGX to raise $5 billion at a valuation of approximately $45 billion

Deep Tide TechFlow News, on November 1st, according to The Information, UAE artificial intelligence investment firm MGX is in investment talks with Elon Musk's xAI. According to private disclosures from both parties, xAI is discussing raising $5 billion at a valuation of approximately $45 billion. xAI is the developer of the Grok chatbot.

If this round of investment is completed, it will be MGX's second significant investment in the field of large language models. The company, which was established 7 months ago, invested $6.6 billion in OpenAI last month. One of MGX's two main supporters, Mubadala Investment Co., also purchased shares previously held by the bankrupt cryptocurrency exchange FTX through a subsidiary and invested in Anthropic.