Elon Musk's AI company, xAI, is negotiating to raise $15 billion in new equity, which would lift its valuation to $230 billion. This marks a significant jump from the $113 billion valuation disclosed after xAI acquired Musk's social media platform, X, earlier this year. The details of the fundraising were shared by Musk's wealth manager, Jared Birchall, but it's unclear whether the $230 billion figure reflects the company's value before or after the new investment. Musk responded to a CNBC report on the fundraising with a post on X, calling it "false." Like many AI startups, xAI is rapidly burning cash while trying to develop its Grok chatbot and build necessary infrastructure. In June, the company raised $10 billion—$5 billion in equity and $5 billion in debt—to help construct its Colossus data center in Memphis, Tennessee. SpaceX, another Musk venture, contributed $2 billion to that funding round. Musk has expressed support for Tesla potentially investing in xAI, but the response from Tesla shareholders has been mixed, leaving the decision to the company's board.