Hey there, tech lovers! Nuked here, ready to share some exciting news about Elon Musk’s latest ambitious move in the AI world.

According to a fresh Bloomberg report, Musk’s xAI Holdings is aiming to raise a jaw-dropping $20 billion in new funding. If this succeeds, it will value the AI-social media combo at over $120 billion, making it the second-largest private funding round ever. This fresh capital could help ease X’s hefty debt, which drains around $200 million a month, with yearly interest exceeding $1.3 billion.

Such a massive raise highlights the ongoing investor sparkle in AI tech and marks Musk’s surprising rise as a political influence within the White House, aligning with figures like Trump. Backers like Tesla’s Antonio Gracias and Gigafund’s Luke Nosek are expected to continue supporting Musk’s ventures, with Gracias even taking a role in Musk’s government’s efficiency initiatives.

Although no official comment has been made by xAI yet, this move underscores the growing hype around AI investments and Musk’s influence in both tech and political spheres. The funding aims to not only power AI innovations but also to solidify Musk’s position as a key player in the future of tech development.