PANews reported on October 30 that according to Jiemian News, citing the Wall Street Journal, people familiar with the matter revealed that Musk's xAI company is negotiating with investors for a round of financing that will be valued at around $40 billion. Just a few months ago, the startup's last valuation was $24 billion, when it raised $6 billion in the spring. People familiar with the matter said that xAI hopes to raise billions of dollars in a new round of financing, and the cash raised will be counted towards the $40 billion valuation. Financing discussions are still in the early stages, which means that terms may change and negotiations may break down.