Elon Musk’s xAI aims high with a $5 billion loan and $113 billion valuation, highlighting the startup’s rapid rise in the competitive AI market.

Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.

Morgan Stanley is shopping a $5 billion debt package for Elon Musk's xAI and the artificial intelligence company is seeking a valuation of $113 billion in a share sale worth $300 million, according to media reports on Monday.