Elon Musk is raising $5 billion in debt for xAI Corp. to fund AI infrastructure, with Morgan Stanley managing the debt sale. He is also looking for $650 million for Neuralink.

Founded less than two years ago, xAI made headlines earlier this year when it acquired X, Musk’s social media platform formerly known as Twitter. That deal, Musk said at the time, valued xAI at $80 billion and X at $33 billion.

XAI Corp., the artificial intelligence startup founded by Elon Musk, is arranging a $5 billion debt sale that will help the company to keep up its lavish spending on data center infrastructure as it strives to keep pace with rivals such as OpenAI and Google LLC.