As of last weekend, Jared Birchall, who heads Musk's family office, was telling prospective investors that xAI was raising $3 billion at a $15 billion pre-money valuation. Sequoia Capital and Future Ventures, the venture fund co-founded by Musk’s longtime friend Steve Jurvetson, are participating in the round. Other participants are likely to include Valor Equity Partners and Gigafund, whose founders are also part of the inner circle of Musk, who famously blends the personal and the private.