xAI: AI deals, investors and valuation

Open-model startup Reflection AI pays SpaceX's AI division $150 million a month for GB300 chips at Colossus 2; up to $6.3 billion in total.

From SpaceX's prospectus: Google rents about 110,000 Nvidia GPUs from October 2026 to June 2029, about $30 billion in total; termination on 90 days' notice after 31/12/2026.

Anthropic takes all of Colossus 1's capacity in Memphis (over 300 MW, 220,000+ Nvidia GPUs). SpaceX's S-1 filing indicates $1.25 billion a month through May 2029, over $40 billion in total.

Saudi PIF's AI company puts $3B into xAI's Series E shortly before the SpaceX merger, taking a minority stake.

All-stock merger: SpaceX valued at about $1 trillion and xAI (which owns X) at $250 billion. It is the largest merger ever.

Deal signed on 16/01/2026 and disclosed with Q4 results: Tesla buys xAI Series E shares, despite shareholders voting against in November 2025.

Apollo funds lead $3.5 billion of financing to Valor Compute Infrastructure to buy $5.4 billion of Nvidia GB200 GPUs and lease them to an xAI subsidiary (triple net lease).

Round upsized from $15 billion to $20 billion with Valor, StepStone, Fidelity, QIA, MGX and Baron; Nvidia and Cisco as strategic investors.

Cisco joins xAI's Series E as a strategic investor.

xAI closes $20 billion (target $15 billion) to expand Colossus, with Nvidia and Cisco as strategic investors. After the SpaceX-xAI merger (02/02/2026) the stake became 122.8 million SpaceX shares, about $21 billion in June 2026.

Announced at the US-Saudi forum: HUMAIN will host a 500 MW data center for xAI with Nvidia chips.

Bloomberg: a dedicated vehicle buys Nvidia GPUs for Colossus 2 and leases them to xAI for 5 years; Nvidia puts up to $2 billion into the equity portion.

Apollo and Diameter Capital arrange $12.5 billion of debt for a vehicle that buys Nvidia GPUs and leases them to xAI for 5 years (Colossus 2, Memphis). The debt is secured by the GPUs.

Nvidia puts up to $2 billion of equity into the $20 billion vehicle that buys its GPUs and leases them to xAI: the money flows back to Nvidia as chip sales.

Valor Equity Partners leads the equity portion (about $7.5 billion in total) of the $20 billion vehicle that leases Nvidia GPUs to xAI.

Up to $12.5 billion of debt, with Apollo and Diameter, funds the vehicle that buys Nvidia GPUs and leases them to xAI for five years.

CNBC and Bloomberg report a $10 billion round at a $200 billion valuation with Valor, QIA and Kingdom Holding. Musk denied it is raising.

According to the WSJ, SpaceX puts $2 billion into xAI's $5 billion equity round, which values it at $113 billion after the merger with X.

Morgan Stanley announces the close of $5 billion of debt (secured notes and loans) for xAI, alongside $5 billion of strategic equity.

All-stock merger: X valued at $33 billion ($45 billion including debt), the combined entity at $80 billion.

Bloomberg reports Dell is close to selling xAI more than $5 billion of servers with Nvidia GB200 chips for the Colossus supercomputer in Memphis.

Round with a16z, BlackRock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, QIA, Sequoia, Valor and Vy; Nvidia and AMD as strategic investors.

AMD takes part in xAI's Series C as a strategic investor, alongside Nvidia.