Elon Musk's artificial intelligence company xAI has secured $10 billion in new funding, further intensifying the competition with OpenAI, as the battle for AI dominance continues to heat up. This round of financing consists of half secured debt and half strategic equity investment.
According to a Morgan Stanley report cited by CNBC on Tuesday (July 1), this funding will provide more resources for xAI to expand its Colossus supercomputer located in Memphis and train its Grok chatbot. The financing round has received a warm response, with many well-known investors eager to participate in Musk's AI ecosystem.
Currently, competition among AI companies in the U.S. is fierce. OpenAI completed a $40 billion funding round earlier this year, reaching a valuation of $300 billion; Anthropic has also recently secured a new round of investment, with a valuation exceeding $60 billion.
In March of this year, Musk sold his social platform X to xAI and directly integrated Grok into the platform. Following the transaction, xAI's valuation reached $80 billion, while X was valued at $33 billion, which includes $12 billion in debt formed on a $45 billion valuation basis. Musk initially acquired X (formerly Twitter) for about $44 billion in April 2022.
As this massive funding round unfolds, Musk's feud with former President Donald Trump has once again come to the forefront.
On Tuesday (July 1), Trump posted on Truth Social, sharply criticizing Musk, claiming that his success relies on government subsidies, and suggested that the Department of Government Efficiency (DOGE) investigate his business to cut government spending.
"Without rocket launches, satellites, and electric vehicle production, our country could save a lot of money. Maybe we should let DOGE take a close look? It could really save big bucks!" Trump wrote.
Musk subsequently responded publicly on the X platform: "I am now making it clear—cut it all." This was in rebuttal to the claim that he relies on federal support. Previously, disputes between the two over government spending issues had caused market fluctuations, such as the conflict in June 2024 that led to a $150 billion evaporation in Tesla's market value.
In the latest dispute, Musk has continued to amplify his public comments on political issues, warning lawmakers who support recent spending bills that they will face primary challenges within their party, and calling for the formation of a new "Porky Pig Party" to combat what he describes as excessive government spending.
Meanwhile, Senator Cynthia Lummis has proposed an amendment to President Trump's tax and spending bill aimed at ending "unfair tax treatment of cryptocurrency users."
The amendment proposes to exempt digital asset transactions under $300 from taxes, with an annual maximum exemption of $5,000; additionally, tax obligations for crypto assets obtained through mining, staking, or airdrops will be deferred until the assets are sold. Furthermore, the amendment plans to implement a 30-day wash sale rule for cryptocurrencies to limit the use of short-term losses for tax deductions.
Previously, the Senate rejected an amendment proposed by Democrats that aimed to prohibit government officials and their families from holding or promoting cryptocurrencies (including meme coins and NFTs) within one year of leaving office.
Related: Musk threatens to form the "American Party"! The fate of Trump's "Beautiful Bill" and cryptocurrency tax reform intertwined.
Original: “Musk's xAI Raises $10 Billion, Trump Claims DOGE Will Investigate His Business”
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