Elon Musk’s AI company, xAI, is said to be in talks to raise $10 billion in a round that would value xAI at $75 billion.

Bloomberg reported Friday that xAI is canvassing existing investors, including Sequoia Capital, Andreessen Horowitz, and Valor Equity Partners for the round, which would bring xAI’s total raised to $22.4 billion, according to Crunchbase. Bloomberg also noted that discussions are ongoing and that the terms of the fundraising round may change.

The potential new injection of capital comes as xAI reportedly weighs buying more than $5 billion worth of servers from Dell to support the development of its AI technologies, including its Grok models. Grok powers a growing number of features on Elon Musk’s X social network, including summaries of trending discussions.

The next major version of Grok, Grok 3, is set to be released in the next several weeks, Musk said in a livestreamed appearance at a Dubai technology conference this week.