Founded less than two years ago, xAI made headlines earlier this year when it acquired X, Musk’s social media platform formerly known as Twitter. That deal, Musk said at the time, valued xAI at $80 billion and X at $33 billion.

XAI Corp., the artificial intelligence startup founded by Elon Musk, is arranging a $5 billion debt sale that will help the company to keep up its lavish spending on data center infrastructure as it strives to keep pace with rivals such as OpenAI and Google LLC.

Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.