BlockBeats news, on June 18, according to The Information, Elon Musk's artificial intelligence company xAI spends $1 billion a month heavily investing in the research and development of its AI models.
The company is seeking to raise $9.3 billion through debt and equity financing and plans to spend more than half of that amount within the next three months. Meanwhile, xAI informed investors that it expects this year's revenue to be only $500 million.
To catch up with competitors like OpenAI, xAI is accelerating the construction of a high-cost supercomputing center in Tennessee. However, some investors believe that xAI holds a certain advantage in the competition because it has merged with Musk's social media platform X, allowing it to access news, posts, and other information published by users for training its AI models.
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