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.

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.

AI, Elon Musk's rising startup, is aiming to secure billions more in funding to fuel its AI ambitions, per a report.