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Just a month after reports that was attempting to raise $1 billion 鈥� 鈥� it seems 鈥檚 startup has bigger plans.

The AI company 鈥� a competitor to 鈥� is in talks to raise up to $6 billion at a valuation of $20 billion,

Per the report, the Austin, Texas-based company is in talks with family offices in Hong Kong and is targeting sovereign wealth funds in the Middle East for the new cash infusion.

Just a week ago, Musk denied a xAI had secured $500 million in commitments from investors toward its $1 billion goal.

Musk was a co-founder in OpenAI, so AI is not new to him. X.AI was announced in July 鈥� funded by Musk himself 鈥斅� and released an early version of its competitor, Grok, last month.

Sky-high valuations

While the $20 billion valuation may seem high for a company that has been pretty much kept under wraps, it is very much in line for what is happening in AI right now.

Last month it was another AI startup, , was in discussions to raise $750 million in a funding round led by at a valuation of up to $18.4 billion. The San Francisco-based rival had just raised a $300 million round at a pre-investment valuation of $4.1 billion in March 鈥� meaning a 4.5x valuation jump in just about nine months.

Then last week surfaced that Toronto-based is in discussions to raise between $500 million and $1 billion at a 鈥渟ignificantly higher鈥� valuation than the $2.2 billion it hit just last June when it raised a $270 million Series C led by .

Related reading:

• Eye On AI: Valuations Are Not Slowing Down
• Anthropic Reportedly In Talks To Raise $750M At $18B-Plus Valuation
• AI Startup Cohere Reportedly Looking To Raise $500M To $1B聽

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