- Acquired by SpaceX - All-Stock DealUndisclosed — Amount: All-stock transaction (no cash consideration); All-stock transaction; Post-money valuation: xAI USD 250B (standalone basis) / Combined entity including SpaceX approx. USD 1.25T; Led by SpaceX | This is the terminal event on this page and a fundamental turning point in xAI's valuation narrative. In Feb 2026, SpaceX acquired xAI via an all-stock transaction, making xAI a wholly-owned subsidiary of SpaceX. Thereafter, 'xAI valuation' must be understood through two bases: standalone basis approx. USD 250B (pricing of the Feb 2026 transaction), and combined entity basis including SpaceX approx. USD 1.25T. Forge has explicitly marked xAI as 'no longer a private company,' and there are no independent xAI stock trades in the secondary market. Implication for investors: holding xAI equity
- SeriesEUSD 20B — Amount: USD 20B; Post-money valuation: USD 230B; Led by multiple institutions (no single clear lead). This USD 20B round is the second-largest single private financing in human history (second only to OpenAI's USD 122B Series G in March 2026). The share price of USD 75.46 represents a 75x increase from the initial USD 1.00. NVIDIA's entry continues the 'shovel seller investing in shovel buyer' circular financing model—NVIDIA provides capital, and xAI uses it to buy NVIDIA GPUs. Cisco Investments' participation is relatively rare, reflecting network infrastructure vendors' strategic bet on AI cluster interconnects (especially InfiniBand/Ethernet at Colossus scale). ⚠️ Tesla $2...
- SeriesDUSD 5.3B — Amount: USD 5.32B (Forge precise figure); Other reports cite approx. USD 10B; USD 5.32B / approx. USD 10B (discrepancy); Post-money valuation: USD 136.85B (Forge precise figure); Other reports cite approx. USD 200B; Led by: Undisclosed (Forge records 'Undisclosed Investors'). This round has the largest discrepancy in reported figures. Forge/PitchBook's Form D data shows USD 5.32B raised / USD 136.85B post-money (USD 36.56 per share, finest granularity including share count); however, multiple media outlets and AI aggregators report 'approx. USD 10B raised / approx. USD 200B post-money'. Differences may stem from: ① Whether concurrent USD 5B debt...
- Strategic EquityUndisclosed — Amount scope: ~USD 5B; Post-money valuation: ~USD 113B (including X basis); Led by: Undisclosed | ⚠️ This is questionable data, listed only for full disclosure. Multiple aggregators mention a ~USD 5B strategic equity investment in Jun 2025, post-money ~USD 113B. But USD 113B is exactly the combined valuation when acquiring X in Mar 2025—likely different citations of the same valuation or erroneous splitting of Series D. Unable to find primary source cross-validation, this page lists it separately with a doubt flag; not recommended for calculating cumulative financing. | Source: Media aggregation (unverified by primary sources)
- Debt FinancingUSD 5B — Amount: USD 5B; Post-money valuation: N/A (debt); Led by Morgan Stanley (sole arranger). Annual interest rate ~12%—the most striking figure in this financing. For comparison, typical investment-grade corporate bonds yield only 4–5%. Double-digit yields reflect the bond market's risk premium pricing for deep-loss, no-stable-cash-flow AI labs. Morgan Stanley was both an equity investor in xAI Series C and the arranger for this debt; such 'equity-debt dual investment' structures are increasingly common in AI infrastructure financing (similar arrangements exist for CoreWeave, Crusoe). Funds used for GPU procurement and data center construction. | Source: Bloomberg / Financial Times
- Acquisition of XUndisclosed — Amount: All-stock transaction (no cash consideration); Post-money valuation: xAI USD 80B (standalone) / X USD 33B (USD 45B minus USD 12B debt) / Combined USD 113B; Led by Elon Musk (transaction lead). This is a key node for understanding xAI's valuation confusion. Musk injected his controlling stake in X (formerly Twitter) into xAI, forming cross-holdings: xAI valued at USD 80B, X valued at USD 45B less USD 12B debt resulting in USD 33B, combined entity valued at USD 113B. Subsequently, both 'xAI worth 80B' and 'xAI worth 113B' circulated in the market—the former being standalone metrics, the latter including X. The actual battle...
- SeriesCUSD 6B — Amount: USD 6B; post-money valuation: USD 50B (precise per Forge); market rumors range USD 45–50B; led by no single lead investor (multiple institutions listed jointly). 12 institutions participated, including three Gulf sovereign funds entering in the same round: MGX (Abu Dhabi), Oman Investment Authority (Oman), and QIA (Qatar)—this is the most notable structural feature of the round. xAI's capital structure evolved from "Silicon Valley VC + Musk's inner circle" to a triple structure of "Silicon Valley VC + Gulf Sovereigns + Wall Street Asset Managers." The addition of BlackRock and Morgan Stanley (the latter also serving as underwriter for xAI's debt financing) marks Wall Street's formal pricing of xAI. Source: Forge Global
- SeriesBUSD 6B — Amount: USD 6B; Post-money valuation: USD 24B; Led by Valor Equity Partners (per participant disclosure). Just 6 months after the first round, valuation jumped from USD 673.4M to USD 24B (~35x). This marks xAI's transition from 'Musk's personal project' to 'institutional-grade asset': a16z, Sequoia, and Fidelity entered simultaneously. The appearance of Kingdom Holding (Saudi royal family holding) is an early signal of Gulf sovereign capital systematically positioning in frontier AI, followed by increased investments in Series C and E. Funds are explicitly allocated for Colossus supercomputing cluster construction. | Source: Forge Global xAI Profile / xAI Official Announcement
- SeriesAUSD 130M — Amount: USD 134.68M (Series A USD 67.34M + Series A-1 USD 67.34M); USD 134.68M; Post-money valuation: USD 673.4M (Forge/PitchBook basis); Some reports cite approx. USD 1B; Led by Undisclosed (Elon Musk and early supporters) | xAI was incorporated in March 2023, officially announced in July 2023, and completed its first round in November of the same year. Forge's Form D records show Series A and A-1 as parallel tranches, each USD 67.34M, totaling USD 134.68M. This is the baseline for all subsequent valuation multiple calculations — from $1.00/share to $75.46/share in Series E, a 75x increase in price per share over 27 months. |
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