xAI, owned by Musk, is in talks with MGX to raise $5 billion at a valuation of approximately $45 billion

ChainCatcher news, according to The Information, the UAE artificial intelligence investment firm MGX is in investment talks with xAI, a company owned by Musk. According to private disclosures from representatives of both parties, xAI is discussing raising $5 billion at a valuation of about $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 backers, Mubadala Investment Co., also purchased shares previously held by the bankrupt cryptocurrency exchange FTX through a subsidiary and invested in Anthropic.