A company called X.AI, backed by Elon Musk, is raising up to $1 billion in a securities offering, according to a regulatory filing.
The filing, made Tuesday with the U.S. Securities and Exchange Commission, says that Musk, who took over Twitter and renamed it X, is an executive officer and director of X.AI.
The document doesn’t describe X.AI’s business other than to say it is “Other technology.” But usually AI stands for artificial intelligence.
According to the filing, a sale of equity securities is planned.
The company has already sold $134.7 million of the securities, with another $865.3 million remaining to be sold, according to the filing.
The minimum investment accepted from any outside investor is $2 million.
