Elon Musk‘s artificial intelligence startup xAI is pursuing a $300 million share sale that would value the combined entity at $113 billion. The secondary offering allows existing staff to sell shares to new investors while validating the price tag established during xAI’s March acquisition of social media platform X.

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.

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.