SANTA CLARA (dpa-AFX) - Elon Musk's artificial intelligence venture, xAI, is significantly increasing its fundraising target to $20 billion, Bloomberg reported citing people familiar with the matter.
The report indicated that the expanded round includes both equity and debt, structured through a special purpose vehicle designed to acquire Nvidia processors and lease them to xAI. These chips will power xAI's Colossus 2 initiative-its largest data center located in Memphis.
Nvidia is reportedly contributing up to $2 billion to the equity portion of the deal.
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