Elon Musk's AI venture, xAI, is courting investors globally in an ambitious bid to secure a hefty $6 billion investment.

Targeting a $20 billion valuation, xAI seeks to rival heavyweight OpenAI, spawning intense competition in the burgeoning artificial intelligence industry. While Musk refuted claims that xAI had raised $500 million, recent reports indicate proactive discussions with potential investors, including family offices and sovereign wealth funds.

Hong Kong-based fundraising, however, might present geopolitical hurdles amid U.S.-China tensions. xAI's inaugural chatbot, Grok, exemplifies their cutting-edge generative AI models, which necessitate substantial funding. In keeping with Musk's vision, xAI strives to be a "maximum truth-seeking AI," setting the stage for a significant shakeup in the AI landscape.

In the face of robust financing for rivals like OpenAI, Musk's xAI is making strategic moves to ensure its place in the AI arms race, signaling potential shifts in AI development and investments.