Stock Score Locked: Want to See it? Benzinga Rankings give you vital metrics on any stock – anytime. Reveal Full Score Overview Elon Musk has rejected reports that his artificial intelligence venture xAI is gearing up for a new fundraising round. A report had suggested that the company is looking at a funding round that could value the company between $170 billion and $200 billion. What Happened: Saudi Arabia’s Public Investment Fund (PIF) was reported to play a crucial role in this deal, according to a Financial Times report. PIF already has an indirect stake in xAI through its investment in Kingdom Holdings Company, which has committed $800 million to the firm. Amid these reports, Musk commented on X, stating, “xAI is not seeking funding right now. We have plenty of capital.” In late June, Morgan Stanley disclosed that xAI had completed a $5 billion debt raise and a separate $5 billion strategic equity investment. This move is part of the startup’s strategy to enhance its AI infrastructure through data centers amid increasing competition.