Founded Mar 2023 · AI lab · Now part of SpaceX (Nasdaq: SPCX) since Feb 2026

xAI Financials

Funding rounds and the valuation arc from a $24 billion post-money mark in May 2024 to a $230 billion Series E close in January 2026, the two governance-reshaping mergers (the March 2025 all-stock combination with X Corp. and the February 2026 all-stock acquisition by SpaceX at a combined $1.25 trillion), the Memphis Colossus capex story (555,000 NVIDIA GPUs at 2 gigawatts), the NAACP lawsuit over the Southaven gas-turbine power plant, what Grok revenue and ARR xAI has actually disclosed, the Pentagon and HUMAIN partnerships, and the named-customer roster — every claim cited to a primary source rather than to investor-deck rumors. xAI files no periodic reports with SEC EDGAR (no 10-K, 10-Q, 8-K, or DEF 14A; its results now consolidate into SpaceX's filings) but did file four Form D exempt-offering notices under “X.AI Corp.” (CIK 2002695) — the late-2023, Series B, and Series C raises plus a small February 2025 business-combination issuance.

Sibling page: xAI Leadership — the July 2023 launch team, the current executive cohort, and the Musk-personal-control governance subsection. Parent: SpaceX on /orgs/ · Product line: Grok Versions.

Disclosed funding raised

~$52B+

$6B Series B + $6B Series C + $10B mid-2025 debt & equity + $10B Series D + $20B Series E. Excludes the merger-implied marks.

Last announced post-money

$230B

Series E at the January 6, 2026 close. The February 2, 2026 SpaceX merger valued xAI at $250B inside a $1.25T combined entity.

Reported annualized revenue

~$500M

As of mid-2026, per contemporaneous reporting; up from ~$350M FY2025. xAI has not formally disclosed GAAP revenue or ARR.

Memphis Colossus GPUs

~555K @ 2 GW

Per Musk, January 2026 announcement on x.ai/colossus. Up from ~100K H100 at the September 2024 initial bring-up.

Now part of SpaceX. SpaceX acquired xAI in an all-stock deal in February 2026, and xAI now operates as SpaceX's AI division; SpaceX itself went public on Nasdaq under SPCX on June 12, 2026, and xAI's results consolidate into SpaceX's filings. This page is kept for xAI's standalone funding, capex, and product history through the acquisition. See SpaceX Financials.

No periodic SEC filings — what's on this page is what xAI has actually disclosed, plus four Form D notices on SEC EDGAR, plus what its largest counterparties (SpaceX, NVIDIA, the Pentagon, HUMAIN) have disclosed about their xAI exposure. xAI is not a periodic SEC reporter (no 10-K, 10-Q, 8-K, S-1, DEF 14A), but “X.AI Corp.” (CIK 2002695) did file four Regulation D exempt-offering notices — December 2023, May 2024 (Series B), December 2024 (Series C), and February 2025 (a small business-combination issuance; see the acquisitions section) — which serve as primary-source confirmation for those events. The financial picture below is reconstructed from xAI's own news feed at x.ai/news (Series B, Series C, and Series E confirmations; Memphis Colossus build-out announcements; the November 2025 HUMAIN partnership; the December 2025 Grok Business and Grok Enterprise launches; the May 2026 Anthropic compute partnership), Musk's X account where post-merger announcements have routed through him personally, and contemporaneous reporting from CNBC, Bloomberg, TechCrunch, The Information, Reuters, Fortune, Axios, and Defense News. Where reporter coverage is the only source for a number, the row is labeled Reported and links to the underlying coverage. Where xAI itself confirmed a number, the row is labeled Confirmed and links to the primary source. Revenue is surfaced as a headline counter only on a Reported basis — xAI has not formally disclosed GAAP revenue, ARR, gross margin, or burn rate.

The X merger — March 2025

On March 28, 2025 Musk announced an all-stock combination of xAI and X Corp. (the former Twitter platform he had taken private in October 2022 for $44 billion). The deal valued xAI at $80 billion and X at $33 billion, forming a combined ~$113 billion holding-company entity. Grok had run inside X since its November 2023 launch; the merger formalized what had been a tight operational partnership and brought ex-Twitter / X platform-engineering staff into the post-merger xAI reporting hierarchy.

What this means for the numbers on this page.

Pre-merger xAI financials reflect a pure AI-lab burn-rate-and-capex profile. Post-merger numbers blend AI-lab capex with X's social-platform advertising revenue and operating losses. xAI Holdings does not publish a consolidated income statement; the page treats merger-attributable financial flows as not-separately-disclosed and surfaces only the values for which a primary source exists. The leadership-side mechanics of the merger (the Yaccarino transition, the inflow of ex-Twitter / X engineering staff) are covered in detail on the sibling xAI Leadership page.

The SpaceX merger — February 2026

On February 2, 2026 SpaceX announced an all-stock acquisition of xAI (xAI's own “xAI joins SpaceX” post is the primary source; deal mechanics per CNBC, Feb 3, 2026) — each xAI share converting at a 0.1433 ratio into SpaceX equity, valuing xAI at $250 billion against SpaceX's $1 trillion for a combined $1.25 trillion entity, reported at the time as the largest tech merger ever. xAI now operates as a SpaceX subsidiary; Musk remains CEO of xAI and of SpaceX concurrently. The April 10, 2026 staff restructuring that installed Starlink VP Michael Nicolls as xAI's President (and saw CFO Anthony Armstrong depart in the same restructuring) was the first visible leadership consequence of the merger; further engineering-team reorganization followed in May 2026.

What this means for the numbers on this page.

The merger added a parent-level corporate layer above xAI Holdings: SpaceX (parent) → xAI Holdings (xAI + X) → xAI the AI lab. SpaceX completed its Nasdaq IPO (SPCX) on June 12, 2026 — the largest IPO ever — after filing an S-1 whose consolidated FY2025 financials fold xAI in as SpaceX's “AI division,” a segment that carried a ~$6.4 billion operating loss on ~$3.2 billion of revenue and is the driver of SpaceX's consolidated net loss. The Series E raise that closed roughly a month before this announcement remains the most-recent xAI-specific equity-financing event; subsequent capital is deployed inside the combined-entity structure, which this page treats as outside its scope. The SpaceX-side view of the merger — the three revenue streams, the valuation arc, and the IPO — is covered on the new SpaceX Financials page; the leadership-side mechanics are on the sibling xAI Leadership page, and the related Musk political-entanglement thread is covered at the leadership page's political-entanglement subsection.

Funding rounds

Newest round first. Each row's Confirmed / Reported pill reflects whether the dollar figures come from a primary source (xAI's own announcement) or from contemporaneous reporting only. Click a row to expand the round's prose detail and source links. The X-merger and SpaceX-merger valuations sit in their own callouts above (the merger marks are not funding rounds; they're share-conversion events).

Series E Jan 6, 2026 $20B at $230B post-money (upsized from $15B target) Valor / Nvidia Confirmed

On January 6, 2026 xAI announced the close of its $20 billion Series E at a $230 billion post-money valuation, upsized from an initial $15 billion target. The round brought in Nvidia and Cisco as strategic investors alongside a deep list of existing growth-stage participants. The round closed roughly a month before the February 2, 2026 SpaceX merger announcement.

Named participants per contemporaneous reporting: Valor Equity Partners, StepStone Group, Fidelity Management & Research Co., Qatar Investment Authority, MGX (UAE sovereign-AI fund), Baron Capital Group, Nvidia Corp., Cisco Investments, and Tesla. Saudi Arabia's HUMAIN later took a $3 billion significant minority stake in the Series E as part of the November 2025 framework partnership announced at the U.S.-Saudi Investment Forum; see the customer / partner section below.

Primary source: xAI: “xAI Raises $20B Series E,” Jan 6, 2026 · TechCrunch, Jan 6, 2026 · CNBC, Jan 6, 2026. HUMAIN $3B participation: Wamda, Feb 2026.

Series D Sep 19, 2025 $10B at $200B post-money Valor / Kingdom Holding Reported

In September 2025 xAI was reported to have closed a $10 billion equity round at a $200 billion post-money valuation, with Valor Capital, the Qatar Investment Authority, and Prince Al-Waleed bin Talal's Kingdom Holding among the named participants. Musk initially called the report “fake news” on X, stating “xAI is not raising any capital right now”; the round closing was nevertheless reported by CNBC and Bloomberg with corroborating-source sourcing.

This row is labeled Reported because xAI did not publish a Series D announcement on its news feed under that name. The Series E close in January 2026 implicitly references a prior round at the ~$200 billion mark by virtue of the $230 billion Series E post-money, but xAI has not formally tied the September 2025 close to the “Series D” label in a primary-source post.

Sources: CNBC, Sep 19, 2025 · Bloomberg, Sep 19, 2025.

Mid-2025 financing Jul 2025 $5B debt (Morgan Stanley) + $5B strategic equity Morgan Stanley Reported

In July 2025 xAI was reported to have closed a $10 billion financing package structured as $5 billion of debt arranged by Morgan Stanley and $5 billion in a separate strategic equity transaction. The debt portion was the first major debt raise in xAI's history and was packaged primarily to fund Memphis Colossus capex; the strategic-equity portion's valuation was not separately disclosed in reporter coverage but is consistent with the ~$150 billion mark the September 2025 round was reported to have stepped up from.

Source: Crunchbase News, Jul 2025.

Series C Dec 23, 2024 $6B at $50B post-money a16z / Sequoia Confirmed

On December 23, 2024 xAI announced via its own news feed the close of a $6 billion Series C, a step-up from the May 2024 Series B roughly seven months earlier. The announcement names A16Z, BlackRock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners, and Vy Capital as key participants, with NVIDIA and AMD participating as strategic investors. The $50 billion post-money valuation is not stated in xAI's post and remains reporter-sourced.

Primary sources: xAI: “xAI raises $6B Series C,” Dec 23, 2024 and X.AI Corp. Form D, filed Dec 5, 2024 (SEC EDGAR, CIK 2002695, accession 0002002695-24-000003) — both are primary sources, so the round is labeled Confirmed. The $50 billion post-money mark is from TechCrunch, Dec 25, 2024.

Series B May 26, 2024 $6B at $24B post-money a16z / Sequoia / Valor Confirmed

On May 26, 2024 xAI announced via its own news feed the close of a $6 billion Series B at a $24 billion post-money valuation (pre-money ~$18 billion). The round is the page's anchor-confirmed valuation mark for the 2024 portion of the arc.

Named participants: Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, Fidelity Management & Research Company, and Kingdom Holding Company (the Prince Al-Waleed-bin-Talal vehicle; Saudi Riyals 1.5 billion = ~$400 million participation per Kingdom Holding's own Tadawul disclosure).

Primary sources: xAI news feed (May 2024 Series B announcement) and X.AI Corp. Form D, filed May 28, 2024 (SEC EDGAR, CIK 2002695, accession 0002002695-24-000001, two days after the blog announcement). Kingdom Holding Tadawul filing per Wamda, May 2024 · Fortune, May 27, 2024.

Pre-Series-B Nov 2023 $1B Reg D offering; ~$135M sold per Form D (post-money not disclosed) SEC Form D Confirmed

xAI was incorporated in Nevada on March 9, 2023 and publicly launched July 12, 2023. Its first SEC-disclosed financing is a Regulation D exempt offering with a $1 billion total offering amount, of which $134,679,312 had been sold to four investors as of the Form D filing, date of first sale November 29, 2023 (Rule 506(b); the notice states a binding agreement is in place for the remainder). The form lists Elon Musk as executive officer/director and Jared Birchall as corporate secretary/signer; xAI declined to disclose its revenue range. xAI has not published a primary-source post tying this offering to a “Series A” label, and the post-money valuation is not asserted in the Form D.

Primary source: X.AI Corp. Form D, filed Dec 5, 2023 (SEC EDGAR, CIK 2002695, accession 0002002695-23-000002).

Valuation arc

Post-money valuation per round on a logarithmic scale. The two merger events — the March 2025 X-merger mark at $80B and the February 2026 SpaceX-merger mark at $250B — are plotted as ringed points alongside the funding rounds; they are share-conversion events rather than fresh-capital raises, but the implied xAI valuation at each event is itself a primary-source-confirmable datum. Confirmed values are drawn solid; reported values are drawn dashed.

Filled point: xAI-confirmed valuation

Hollow point: reporter-coverage-only valuation

Filled with amber ring: merger share-conversion event

Revenue and ARR — what's actually been disclosed

xAI has not published a primary-source revenue figure, ARR snapshot, gross-margin disclosure, or burn-rate number on its own news feed. The figures below come from contemporaneous reporting and from xAI's reported communications with investors during fundraises; the page surfaces them with explicit reporter-coverage attribution and labels the section accordingly.

FY2025 revenue (reported)

Per contemporaneous reporting

~$350M

Reported · Not confirmed by xAI

Annualized revenue (reported)

As of mid-2026

~$500M

Reported · Investor-side framing during the Series E and post-merger period

FY2026 revenue target (reported)

Reported to investors

~$2B

Reported · xAI has not formally guided

What has not been disclosed. xAI has not published recognized GAAP revenue, ARR by product (Grok consumer subscriptions, Grok API, Grok Business / Grok Enterprise, government contracts), gross margin, operating margin, free cash flow, or burn rate. The two largest revenue surfaces — the Grok consumer tier inside the X application and the Grok API — sit inside corporate structures (xAI Holdings, then post-Feb-2026 SpaceX) that do not file an income statement. Reported figures above describe xAI standalone; X advertising revenue (post-March-2025 merger) and any post-February-2026 SpaceX-flowthrough are separate questions the page does not attempt to answer.

The Memphis Colossus capex story

Colossus is xAI's primary training cluster, located in Memphis, Tennessee (Colossus 1) and Southaven, Mississippi (Colossus 2), roughly 15 miles south across the Tennessee–Mississippi state line. The buildout has been the largest single-site AI-infrastructure project ever undertaken and is the most-cited capital deployment in xAI's history; xAI itself has not published total Colossus capex but has confirmed each major hardware milestone via its news feed and Musk's X account. The build-out cadence has consistently outpaced contemporaneous coverage of competing AI-lab clusters.

GPU count and power-capacity timeline

Sep 2024 ~100,000 NVIDIA H100 GPUs, bring-up complete; xAI publicly described the buildout as taking 122 days from break-ground to first training job, an industry-record pace at the time. Memphis Colossus 1 site.

Dec 2025 ~230,000 GPUs across the combined site: 150,000 H100 + 50,000 H200 + 30,000 GB200, described at the time as the world's largest single-coherent AI training cluster.

Jan 2026 ~555,000 NVIDIA GPUs across Colossus 1 and Colossus 2 combined, at ~2 gigawatts total capacity, with the GPU outlay reported by trade press at approximately $18 billion. In its own January 2026 Series E post xAI stated Colossus I and II ended 2025 with over one million H100-equivalent GPUs. Musk announced the third building purchase and the 2 GW milestone via his X account. (xAI's x.ai/colossus page itself still headlines the earlier 200K-GPU single-cluster state, with a “roadmap to 1M GPUs” note; the 555K / 2 GW mark is sourced to the Musk announcements and trade press.)

May 2026 Colossus 1 spec'd at over 220,000 NVIDIA GPUs (H100, H200, and GB200) in xAI's own May 6, 2026 Anthropic compute-partnership announcement — the first primary-source per-site GPU figure since the merger, and the first disclosure that Colossus compute is being sold to a third-party AI lab (see the Anthropic card below). The same post floats jointly developing “multiple gigawatts of orbital AI compute capacity” with Anthropic, framed around SpaceX's launch economics.

Q2 2027 ~1.1 GW from on-site gas turbines (Solaris), per Solaris's own published deployment schedule for the xAI account. Today the site draws ~250 MW from the Memphis utility grid and the balance from on-site generation, of which the largest portion is the contested Southaven gas-turbine plant (see sub-callout below).

Sources: x.ai/colossus · Introl, Jan 2026 expansion writeup · Data Center Dynamics · SemiAnalysis.

The Southaven gas-turbine plant — NAACP lawsuit and Clean Air Act dispute

To bridge the gap between the Memphis utility grid's ~250 MW intertie and Colossus's two-gigawatt power demand, xAI installed a fleet of portable gas-fired turbines at the Southaven, Mississippi site. The Southern Environmental Law Center (SELC) and Earthjustice, representing the national NAACP and its Mississippi State Conference, allege the turbines were brought online without Clean Air Act preconstruction permits, without public notice, and without the best-available control technology required for facilities of this emissions class.

Turbine count. The plant initially comprised 27 gas-fired turbines. After SELC and the NAACP filed a Clean Air Act Section 304 notice of intent to sue in February 2026, xAI brought six additional turbines online for a total of 33.

Reported emissions. SELC's May 2026 preliminary-injunction filing estimates the 33-turbine plant has the potential to emit 2,508 tons of NO_x per year — plus 236 tons of fine particulate matter, 837 tons of carbon monoxide, and 25 tons of formaldehyde — which would make it the largest single industrial source of smog-forming pollutants in the greater Memphis area, an area already in non-attainment for federal smog standards (the American Lung Association graded both DeSoto County, MS and Shelby County, TN an “F” for ozone). In January 2026 the EPA confirmed that large methane gas turbines of this class require construction and operating permits.

Litigation timeline. Section 304 notice February 2026 → complaint filed against X.AI Corp. and subsidiary MZX Tech LLC in U.S. federal court (N.D. Miss., case no. 3:26-cv-00074-MPM-JMV) on April 14, 2026 → NAACP request for a preliminary injunction to halt unpermitted-turbine operation filed May 6, 2026 → U.S. Department of Justice moved to intervene and dismiss the suit with prejudice on June 15, 2026, the DOJ's Environment and Natural Resources Division arguing that the Clean Air Act gives the United States an unconditional right to terminate a citizen-enforcement suit and citing a Department of War declaration that Grok Gov supports classified, mission-critical national-security systems. The motion is pending; xAI continues to operate the turbines. xAI itself has not published a press release responding to the lawsuit on its news feed; reporter-cited xAI statements describe the turbines as “temporary” bridge power and assert that pollution-control equipment is being installed alongside the permanent Solaris generation cited in the timeline above.

Sources: Earthjustice case page · Earthjustice PI request, May 6, 2026 · SELC case page · NAACP press release · CNBC, Apr 14, 2026 · CNBC on the DOJ dismissal motion, Jun 16, 2026.

The page treats the Southaven Clean Air Act dispute as a sub-callout within the Memphis Colossus subsection rather than as a standalone /orgs/xai/lawsuits/ section. If the docket expands — class-action joinder, state-level enforcement actions, or independent suits over the Tennessee–Mississippi water-quality dimension — promoting the litigation surface to its own per-org page becomes appropriate.

Named customers and strategic partnerships

Customers and partners xAI has surfaced in primary-source posts, plus the counterparties that have disclosed xAI exposure on their own surfaces. xAI does not publish a customer-concentration disclosure (private; no 10-K); the roster below is intentionally limited to what is publicly verifiable.

U.S. federal government — "xAI for Government"

On July 14, 2025 the U.S. Department of Defense awarded contracts with a $200 million ceiling each to xAI, OpenAI, Google, and Anthropic, with implementation in early 2026 at Impact Level 5 (Controlled Unclassified Information). xAI concurrently launched its xAI for Government suite (federal, state, local, national-security customers), expanded it via a GSA OneGov purchasing arrangement on September 25, 2025 that gives federal agencies a structured procurement path, and on December 22, 2025 announced its selection by the U.S. Department of War to deliver frontier AI — the deployment the DOJ later cited in the Clean Air Act litigation (see the Southaven sub-callout). Source: Axios, Jul 14, 2025 · Defense News, Jul 15, 2025.

HUMAIN (Saudi Arabia) — sovereign AI partnership

A November 2025 framework agreement, announced at the U.S.-Saudi Investment Forum in Washington, D.C., commits HUMAIN (Saudi Arabia's sovereign AI vehicle) and xAI to jointly develop more than 500 MW of hyperscale GPU data-center capacity in the Kingdom, deploy approximately 18,000 NVIDIA GB300 GPUs in the flagship cluster, integrate Grok into HUMAIN ONE (the kingdom's agentic-AI platform), and deploy Grok nationwide across Saudi public and private entities. HUMAIN subsequently took a $3 billion significant minority stake in xAI through the January 2026 Series E (post-close confirmation in February 2026). Source: xAI: Grok goes Global with KSA · Data Centre Magazine, Feb 2026.

Anthropic — Colossus 1 compute customer

On May 6, 2026 xAI announced (under the post-merger “SpaceXAI” branding) an agreement giving Anthropic access to Colossus 1 — spec'd in the post at over 220,000 NVIDIA GPUs (H100, H200, GB200) — which Anthropic plans to use to expand capacity for its Claude Pro and Claude Max subscribers. It is the first disclosed sale of Colossus compute to a third-party AI lab, opening a compute-rental revenue surface alongside Grok subscriptions and the API. The post also states Anthropic “expressed interest in partnering to develop multiple gigawatts of orbital AI compute capacity,” framed around SpaceX's launch cadence and mass-to-orbit economics. Dollar terms were not disclosed.

El Salvador — nationwide AI education program

On December 11, 2025 xAI announced a partnership with the Government of El Salvador billed as the world's first nationwide AI education program — a sovereign-government deployment of Grok across the country's public-education system. Contract value was not disclosed.

NVIDIA — GPU supplier and Series E strategic investor

NVIDIA has been xAI's primary GPU supplier across the H100 / H200 / GB200 / GB300 generations through 2024 and 2025, was a strategic investor in the December 2024 Series C, and was the named strategic-investor lead alongside Cisco in the January 2026 Series E. NVIDIA's most recent 10-Q (Q1 FY2027, quarter ended April 26, 2026, filed May 20, 2026) does not name xAI explicitly — its customer-concentration footnote stays anonymized (three direct customers at 21%, 17%, and 16% of quarterly revenue) — but contemporaneous reporting on the Colossus buildout consistently positions xAI among NVIDIA's top three customers by Data Center revenue. Cross-reference: /orgs/nvidia/financials/.

Cisco — Series E strategic investor (networking infrastructure)

Cisco Investments participated as a strategic investor in the January 2026 Series E; the company's commercial relationship with xAI on networking infrastructure is consistent with the parallel pattern of strategic-investment-plus-supply-agreement that NVIDIA has run. Specific deal terms (commercial spend, hardware family, multi-year commitment) are not publicly disclosed. Source: CNBC, Jan 6, 2026.

Grok Business and Grok Enterprise — enterprise tier

On December 30, 2025 xAI launched Grok Business at $30 per seat per month and Grok Enterprise for larger organizations requiring single sign-on, SCIM provisioning, audit logging, and the private “Vault” data-storage layer. The enterprise tier is the page's primary forward-revenue narrative; xAI has not disclosed enterprise ARR or seat counts but has framed Grok Enterprise as the load-bearing growth path on the call accompanying the Series E close.

Embedded-Grok customers and API distribution (2026)

Through mid-2026 xAI's news feed added a run of named commercial customers embedding Grok models in their own products: Vapi (Grok Voice powering Vapi's agent platform, Jun 3), Gopuff (the “Go” shopping assistant, Jun 9), eToro (real-time market sentiment in the Tori agent, Jun 10), and Interactive Brokers (market exploration with Grok, Jun 25) — plus third-party distribution of Grok models via Amazon Bedrock (Jun 17) and Databricks (Jun 18). Each is xAI-announced (Confirmed as a relationship); none carries disclosed dollar terms.

Reported wall-street pilots (May 2026)

In May 2026 Bloomberg reported that Morgan Stanley and Apollo Global Management had each begun internal testing of Grok alongside competing AI assistants, as xAI pushed to broaden its financial-services customer base. These are pilots, not announced production deployments; surfaced here as Reported.

Acquisitions

xAI's M&A history is dominated by the two share-conversion mergers covered in the callouts at the top of this page. xAI has not announced any standalone acqui-hires, IP acquisitions, or product-line buyouts on its own news feed.

xAI's all-stock combination with X Corp. — March 28, 2025

xAI was the acquirer; X became a subsidiary of the new xAI Holdings parent. xAI at $80B, X at $33B, combined ~$113B. See callout above · leadership detail on the leadership page.

SpaceX's all-stock acquisition of xAI — February 2, 2026

SpaceX was the acquirer; xAI Holdings became a SpaceX subsidiary. xAI at $250B, SpaceX at $1T, combined $1.25T. See callout above · leadership detail on the leadership page.

Undisclosed business-combination equity issuance — February 2025 (Form D only)

A fourth X.AI Corp. Form D filed February 25, 2025 (SEC EDGAR, CIK 2002695, accession 0002002695-25-000001) discloses a $37,652,852 Rule 506(b) equity offering, of which $27,692,709 had been sold to 28 investors (first sale February 10, 2025), with the filing's business-combination box checked — i.e. equity issued in connection with a business-combination transaction. xAI announced no corresponding acquisition on its news feed, and no contemporaneous reporting has matched the issuance to a named deal; the page surfaces the filing's facts and leaves the counterparty as not-publicly-disclosed.

Beyond the two mergers and the Form-D-disclosed February 2025 issuance, no other xAI acquisitions have been publicly announced. If a future acqui-hire or product-line buyout lands, the recurring refresh task picks it up.

Read these primary sources

xAI is private and files no periodic reports with SEC EDGAR (no DEF 14A, 10-K, 10-Q, 8-K, or S-1), but “X.AI Corp.” (CIK 2002695) has filed four Regulation D exempt-offering notices (Form D), linked below. Those plus xAI's own news feed, Musk's X account for announcements that route through him personally, the Earthjustice / SELC / NAACP case pages on the Southaven Clean Air Act litigation, and contemporaneous reporting on the two mergers and the named-customer commitments are the load-bearing primary sources.

xAI's own surface — news feed, Colossus page, and the enterprise / government product surfaces

The canonical company-side source. xAI's news feed at x.ai/news carries the May 2024 Series B announcement, the December 2024 Series C announcement, the January 2026 Series E close, the February 2026 “xAI joins SpaceX” merger post, the July 2025 xAI for Government suite launch, the November 2025 HUMAIN-Saudi partnership announcement, the December 30, 2025 Grok Business / Grok Enterprise launches, and the May 2026 Anthropic compute partnership.

# Company surface
https://x.ai/
https://x.ai/news
https://x.ai/about

# Memphis Colossus — the primary training cluster
https://x.ai/colossus

# July 12, 2023 launch announcement (founder roster + mission framing)
https://x.ai/news/announcing-xai

# Funding-round and merger announcements
https://x.ai/news/series-b                    # May 26, 2024 Series B
https://x.ai/news/series-c                    # Dec 23, 2024 Series C
https://x.ai/news/series-e                    # Jan 6, 2026 Series E
https://x.ai/news/xai-joins-spacex            # Feb 2, 2026 SpaceX merger announcement

# Product / customer surfaces called out on this page
https://x.ai/news/grok-business               # Dec 30, 2025 Grok Business + Grok Enterprise launch
https://x.ai/news/government                  # Jul 14, 2025 xAI for Government suite launch
https://x.ai/news/onegov                      # Sep 25, 2025 GSA OneGov expansion
https://x.ai/news/us-gov-dept-of-war          # Dec 22, 2025 Department of War selection
https://x.ai/news/grok-goes-global            # Nov 2025 HUMAIN Saudi partnership
https://x.ai/news/el-salvador-partnership     # Dec 11, 2025 El Salvador education program
https://x.ai/news/anthropic-compute-partnership # May 6, 2026 Anthropic on Colossus 1

Musk's X account — merger announcements and funding-round confirmations routed through here

Musk's X account is functionally part of xAI's primary-source set under Musk-personal-control governance — the March 2025 X-merger announcement, several Colossus-milestone tweets, and a meaningful share of round-confirmation posts route through it rather than the company press feed.

# Musk's X account
https://x.com/elonmusk

# March 28, 2025 xAI–X merger announcement
https://x.com/elonmusk/status/1905731750275510312

SEC EDGAR — the four X.AI Corp. Form D exempt-offering notices

xAI files no periodic SEC reports, but “X.AI Corp.” (CIK 2002695) filed Form D notices for the December 2023 raise, the May 2024 Series B, the December 2024 Series C, and a small February 2025 business-combination equity issuance. These are the only SEC-grade primary sources for xAI's financing history; they confirm the existence and amounts of the corresponding exempt offerings.

# All X.AI Corp. filings (CIK 2002695)
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002002695&type=D

# Dec 5, 2023 Form D — $1B offering, ~$135M sold (first sale Nov 29, 2023)
https://www.sec.gov/Archives/edgar/data/2002695/000200269523000002/xslFormDX01/primary_doc.xml

# May 28, 2024 Form D — Series B
https://www.sec.gov/Archives/edgar/data/2002695/000200269524000001/0002002695-24-000001-index.htm

# Dec 5, 2024 Form D — Series C
https://www.sec.gov/Archives/edgar/data/2002695/000200269524000003/xslFormDX01/primary_doc.xml

# Feb 25, 2025 Form D — $37.7M business-combination issuance, $27.7M sold to 28 investors
https://www.sec.gov/Archives/edgar/data/2002695/000200269525000001/primary_doc.xml

Funding rounds and the two mergers — contemporaneous reporting

For rounds and corporate events xAI has not published in primary-source form (Series C, the mid-2025 debt-and-equity package, the September 2025 Series D, and the February 2026 SpaceX-merger deal mechanics), the load-bearing sources are the wire-service and trade-press posts below. The two merger callouts at the top of this page link these inline.

# Feb 3, 2026 — SpaceX–xAI merger reported as the largest tech merger ever
https://www.cnbc.com/2026/02/03/musk-xai-spacex-biggest-merger-ever.html

# Jan 6, 2026 — $20B Series E at $230B post-money (Nvidia / Cisco strategic)
https://techcrunch.com/2026/01/06/xai-says-it-raised-20b-in-series-e-funding/
https://www.cnbc.com/2026/01/06/elon-musk-xai-raises-20-billion-from-nvidia-cisco-investors.html

# Sep 19, 2025 — $10B Series D (reported) at $200B
https://www.cnbc.com/2025/09/19/musks-xai-10-billion-at-200-billion-valuation.html
https://www.bloomberg.com/news/articles/2025-09-19/musk-s-xai-raises-10-billion-at-200-billion-valuation

# Dec 25, 2024 — Series C $6B at $50B (reported)
https://techcrunch.com/2024/12/25/elon-musks-xai-lands-billions-in-new-cash-to-fuel-ai-ambitions/

# May 26–27, 2024 — Series B $6B at $24B
https://fortune.com/2024/05/27/elon-musk-xai-raise-6-billion/
https://www.wamda.com/en/2024/05/kingdom-holding-participates-musk-xai-6-billion-series-b-round

Memphis Colossus — buildout coverage and the NAACP / SELC / Earthjustice Clean Air Act docket

The Colossus 1 / Colossus 2 GPU + power-capacity timeline is sourced to the Introl / SemiAnalysis / Data Center Dynamics trade press; the Southaven gas-turbine plant litigation is sourced to the Earthjustice and SELC case pages, the NAACP press release, contemporaneous CNBC reporting on the April 14, 2026 complaint filing, and the April 22, 2026 Democracy Now long-form coverage.

# GPU + power buildout
https://introl.com/blog/xai-colossus-2-gigawatt-expansion-555k-gpus-january-2026
https://newsletter.semianalysis.com/p/xais-colossus-2-first-gigawatt-datacenter
https://www.datacenterdynamics.com/en/news/xai-elon-musk-memphis-colossus-gpu/

# Clean Air Act litigation — case pages
https://earthjustice.org/case/xai-illegal-gas-power-plant-data-center-colossus
https://www.selc.org/news/xai-built-an-illegal-power-plant-to-power-its-data-center/
https://naacp.org/articles/naacp-sues-xai-illegal-pollution-data-center-power-plant

# Clean Air Act litigation — contemporaneous reporting
https://www.cnbc.com/2026/04/14/elon-musk-xai-memphis-data-centers.html
https://www.democracynow.org/2026/4/22/memphis_xai_data_center_pollution_keshaun

Federal customers and strategic partnerships — Pentagon contract, HUMAIN, NVIDIA exposure

The July 14, 2025 DoD $200M-ceiling contract and the parallel multi-vendor framework are sourced to Axios and Defense News; the HUMAIN $3 billion Series E minority stake is sourced to Data Centre Magazine; the NVIDIA customer-concentration context is cross-referenced to the Mungomash NVIDIA financials page.

# Pentagon contract (Jul 14, 2025)
https://www.axios.com/2025/07/14/xai-pentagon-grok-contract
https://www.defensenews.com/pentagon/2025/07/15/pentagon-taps-four-commercial-tech-firms-to-expand-military-use-of-ai/

# HUMAIN Saudi partnership $3B minority stake (Feb 2026)
https://datacentremagazine.com/news/humain-invests-us-3bn-in-xai-as-saudi-ai-data-centres-expand

Sibling Mungomash pages

The leadership-side mechanics of the two mergers, the Musk-personal-control governance subsection, and the Musk political-entanglement thread live on the sibling leadership page. Grok product specifications live on the Grok versions page. NVIDIA's customer-concentration framing lives on the NVIDIA financials page.

# Leadership-side mechanics + governance + political-entanglement
/orgs/xai/leadership/

# Grok model family timeline and capability arc
/ai/grok/versions/

# NVIDIA customer-concentration cross-reference
/orgs/nvidia/financials/

Methodology & data sources

Primary-vs-reported source discipline. Every value-bearing claim on this page is labeled Confirmed (sourced to xAI's own news feed, the xAI blog, or Musk's X account where the announcement routed through him personally rather than the company press feed) or Reported (sourced only to contemporaneous reporting from CNBC, Bloomberg, Reuters, Fortune, TechCrunch, The Information, Axios, Defense News, or similar). The methodology footer's first job is to keep this distinction visible to visitors, since reporter coverage of fast-moving private companies frequently surfaces dollar amounts and valuations the company itself has not formally confirmed.

SEC EDGAR — four Form D notices, no periodic reports. xAI is privately held and files no 10-K, 10-Q, 8-K, S-1, or DEF 14A. It has, however, filed four Regulation D exempt-offering notices on SEC EDGAR under “X.AI Corp.” (CIK 2002695): a December 2023 Form D ($1B offering, ~$135M sold, first sale Nov 29, 2023), a May 2024 Form D (Series B), a December 2024 Form D (Series C), and a February 2025 Form D (a ~$37.7M business-combination equity issuance; see the acquisitions section). These notices are primary SEC filings and confirm the corresponding events; the Series C row is labeled Confirmed on the basis of both its Form D and xAI's own December 23, 2024 news-feed announcement. SEC EDGAR is re-checked on every refresh via the CIK-2002695 company-browse / submissions endpoint (full-text search does not reliably index Form D structured filings); if an S-1 in advance of an IPO or any further registration appears, the page's primary-source roster expands accordingly.

Reported-only revenue counter. The headline counter for FY2025 revenue (~$350M) and the annualized-revenue framing (~$500M as of mid-2026) come from contemporaneous reporting only. xAI has not published recognized GAAP revenue, ARR by product surface, gross margin, operating margin, free cash flow, or burn rate on its own news feed. Reported figures on this page describe xAI standalone — X advertising revenue (post-March-2025 merger) and any post-February-2026 SpaceX-flowthrough are separate questions the page does not attempt to answer.

Merger marks vs. funding-round marks. The two amber-bordered callouts at the top of this page describe share-conversion events, not fresh-capital raises. The implied xAI valuation at each merger ($80B at the March 2025 X merger; $250B at the February 2026 SpaceX merger) is plotted on the valuation arc as a filled point with an amber ring to mark the distinction.

Memphis Colossus capex. xAI has not published a total Colossus capex figure. The page surfaces hardware-milestone counts (GPU count, power capacity) from xAI's own news feed and from Musk's X account where the announcement routed through him personally; the ~$18 billion GPU outlay figure for the January 2026 555K-GPU mark comes from trade press estimating per-GPU spend at GB200/GB300 list prices and is labeled Reported in the body of the timeline.

Southaven Clean Air Act dispute. The sub-callout in the Memphis Colossus subsection treats the NAACP / SELC / Earthjustice litigation as a corporate-events disclosure. The page does not editorialize on the merits of the Clean Air Act claims; it reports the procedural posture (Section 304 notice February 2026 → complaint April 14, 2026 → preliminary-injunction request May 6, 2026 → DOJ motion to intervene and dismiss June 15, 2026), the SELC-published emissions estimates, and links to the case pages and contemporaneous reporting on both sides.

What's intentionally not here. Computed valuation deltas / round-over-round multiples (the page surfaces the rounds and lets visitors do the math). Secondary-market tender-offer marks. Stock-pick framing or IPO-timing speculation. Cap-table specifics beyond what xAI or its investors have publicly disclosed. Editorial framing about Musk personally; the page reports facts (funding rounds, mergers, capex, environmental litigation) and cites primary sources rather than judging motives. Detailed Grok product specifications, which live on /ai/grok/versions/.

Refresh cadence. Hand-curated values are re-verified monthly against the load-bearing primary sources (x.ai/news, the Memphis Colossus page, Musk's X account, SEC EDGAR full-text search, NVIDIA's most-recent 10-Q customer-concentration footnote, and the most-recent CNBC / Bloomberg / Reuters / The Information coverage). xAI is fast-moving in funding (every six to twelve months historically), corporate structure (two mergers in two years), and capex disclosures; monthly is the cadence that catches new funding rounds, Colossus milestones, customer announcements, and Clean Air Act docket movements within roughly four weeks of disclosure.

Cross-references. xAI Leadership for the founders, current executive cohort, the Musk-personal-control governance subsection, and the Musk political-entanglement thread. /ai/grok/versions/ for the Grok model family timeline. SpaceX's row on the Orgs index for the parent-company profile (xAI came off the roster when the site flattened subsidiaries under SpaceX in June 2026). /orgs/nvidia/financials/ for the NVIDIA customer-concentration footnote that contextualizes xAI's role in NVIDIA's Data Center revenue.

Last updated: 2026-07-10. Hand-curated source-tag anchor: x.ai/news (the load-bearing primary source).