Elon Musk's xAI company is looking to raise $4.3 billion in equity funding, adding onto the $5 billion it's seeking in debt funding.

Elon Musk’s artificial intelligence firm xAI is reportedly in talks to raise $9.3 billion in debt and equity financing – and is projected to burn through more than $1 billion per month year as the AI race heats up.

Elon Musk’s artificial intelligence startup xAI is in talks to raise $4.3 billion through an equity investment on top of the $5 billion it has recently been trying to borrow from debt investors, according to information the company shared with investors who asked not to be identified because it is private.