Days after announcing his departure from the Donald Trump administration and as chief of the Department of Government Efficiency (DOGE), billionaire Elon Musk has refocused his efforts towards raising funds for his companies, according to a Bloomberg report.
Elon Musk is selling $5 billion in debt for his artificial intelligence company xAI Corp, with Morgan Stanley as the banker, for a double-digit interest rate, the report said citing sources. The move likely comes as the AI startup looks to fund its expansive infrastructure with a massive date centre in Memphis, Tennessee.
The report added that a spokesperson for xAI declined to comment, while the Morgan Stanley representative did not immediately respond to queries.
Neuralink raises $650mn — all you need to know
In another report, Bloomberg said that Elon Musk’s Neuralink has raised an additional $650 million. The Financial Times (FT) in its report said that this included selling $300 million in xAI stock through a secondary offering.
The company in a statement said that this fundraise comes as its brain implant device enters clinical trials in three countries. “This funding helps us bring our technology to more people — restoring independence for those with unmet medical needs and pushing the boundaries of what’s possible with brain interfaces,” Neuralink stated.
The chip processes neural signals that can be transmitted to computers, and the company claims that five patients with severe paralysis are using it to control digital and physical devices with their thoughts.
(With inputs from Bloomberg)
