TechFlow news, November 1 — According to The Information, UAE-based AI investment firm MGX is in talks to invest in xAI, Elon Musk’s company. Sources representing both parties revealed privately that xAI is discussing raising $5 billion at a valuation of approximately $45 billion. xAI is the developer of the Grok chatbot.
If completed, this investment would mark MGX’s second major move in the large language model sector. The seven-month-old company invested $6.6 billion in OpenAI last month. Mubadala Investment Co., one of MGX’s two main backers, also acquired stakes previously held by the bankrupt cryptocurrency exchange FTX in Anthropic through an affiliate company.
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