Elon Musk's AI startup xAI expects to earn over $13 billion annually by 2029, according to projections shared by its banker, Morgan Stanley, Bloomberg reported. Morgan Stanley is offering access to xAI’s financials to investors willing to commit at least $50 million as it seeks to raise $5 billion through a debt sale. The impact of Musk’s feud with Trump on the fundraising process remains unclear. xAI expects $1 billion in gross revenue by year-end and $14 billion by 2029 but posted a $341 million EBITDA loss in the first quarter. The startup plans $18 billion in future data center investments after spending $2.6 billion. xAI is also pursuing a $300 million share sale at a $113 billion valuation.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Elon Musk's AI startup XAI expects to earn over $13 billion annually by 2029,
00:07according to projections shared by its banker Morgan Stanley. Bloomberg reported Morgan
00:12Stanley is offering access to XAI's financials to investors willing to commit at least $50
00:17billion as it ceased to raise $5 billion through a debt sale. The impact of Musk's feud with Trump
00:22on the fundraising process remains unclear. XAI expects $1 billion in gross revenue by year end
00:27and $14 billion by 2029, and posted a $341 million even loss in the first quarter.
00:34Startup plans $18 million in future data centers investments after spending $2.6 billion to date.
00:39XAI is also pursuing a $300 million share sale and a $113 billion valuation.
00:45For all things money, visit Benzinga.com slash GSTV.