PANews reported on July 12 that according to Jinshi, citing the Financial Times, Musk's artificial intelligence company xAI is preparing for a new round of financing, and the company's valuation may be as high as $200 billion, a 10-fold increase from the beginning of last year. The financing is under discussion and may be officially launched as early as next month. This will be the company's third large-scale stock offering in less than two months. The company raised $10 billion through loans and cash investments in July and sold $300 million in shares through a secondary stock offering in June. The deal will also consolidate the rapid rise in xAI's valuation. In May 2024, xAI was valued at $18 billion in the "B round" financing.