Musk’s xAI launches $5 billion debt sale, seeks $113 billion valuation

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.

The debt sale, launched Monday, includes a term loan B, a fixed-rate term loan and senior secured notes, Bloomberg News reported, citing a person familiar with the matter, and added that the proceeds will go towards general corporate purposes.