Funding & Business
Elon Musk’s AI company, xAI, said to be in talks to raise $10B
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.
Activist investor Elliott Investment Management has built a stake of about $4 billion in PepsiCo Inc., with plans to call for changes at the struggling beverage maker.
The position makes it one of PepsiCo’s largest investors, the activist said Tuesday in a letter to the company board of directors. PepsiCo said will review Elliott’s perspectives in the context of its growth strategy, which it said is positioned to accelerate growth and deliver long-term value for shareholders. Bloomberg’s Ken Shea reports. (Source: Bloomberg)
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Dealmaking could hit record volumes in 2026 if market conditions continue to improve and free up a backlog of transactions, according to Goldman Sachs Group Inc.’s co-chair of global mergers and acquisitions.
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Grain and oilseed futures fell Tuesday amid profit taking that helped pare back Friday’s gains as the market reopened from the US Labor Day holiday.
Chicago wheat was down as much as 2.3%, the biggest intraday drop since the end of July, as global supply prospects continue to improve. Corn, which rallied to its highest level in a month on Friday, was down as much as 1.5%. Soybeans fell as much as 1.7%, with China still avoiding the US in favor of purchasing from Brazil.
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