Did xAI’s Fundraising Fall Short?
Is Elon Musk finally losing his pull?
Earlier this week, the company announced that it was able to raise $6 billion in its Series B fundraising, touting “participation from key investors including Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, amongst others.”
However, as X user @ZeroSumBond points out, the US Securities and Exchange Commission filing suggests a different story. It shows that the company had an offering of a little over $7 billion and was only able to sell a little over $5 billion — a lot less than the target and still a billion short of what was announced.
The $6 billion figure was first reported by Bloomberg earlier in the month, citing unnamed sources, about five months after Musk claimed that the company wasn’t raising funds.
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