Elon Musk‘s artificial-intelligence company, xAI, is in advanced talks to raise $15 billion in new equity at a $230 billion valuation, according to a report published late Tuesday.

Valuation More Than Doubles

The terms of the new fundraising were disclosed to investors by Musk's wealth manager, Jared Birchall, on Tuesday night, the Wall Street Journal reported, citing people familiar with the plans.

xAI, launched in July 2023 as a rival to OpenAI, did not immediately respond to Benzinga’s request for comment.

It couldn't be determined whether the expected new valuation Birchall shared with investors was premoney or postmoney, according to the report.

The new valuation would represent ...