Elon Musk's xAI spends $1 billion a month on AI model research and development
On June 18, The Information reported that Elon Musk's artificial intelligence company xAI spends $1 billion a month on its AI model research and development.
The company is seeking to raise $9.3 billion through debt and equity financing, and plans to spend more than half of it in the next three months. At the same time, xAI told investors that it expects revenue of only $500 million this year.
In order to catch up with competitors such as OpenAI, xAI is accelerating the construction of a high-cost supercomputing center in Tennessee. But some investors believe that xAI has a certain advantage in the competition because it has merged with Musk's social media platform X, which enables it to obtain news, posts and other information posted by users to train its AI models.