Elon Musk 's artificial intelligence (AI) venture, xAI, is seeking a whopping $113 billion valuation in a new stock sale. The company is also raising $5 billion in debt with the help of Morgan Stanley. The debt instruments on offer comprise a floating-rate term loan, a fixed-rate term loan, and senior secured notes.

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.

Elon Musk’s xAI is launching a $300mn share sale that values the group at $113bn, as the world’s richest man returns to his business empire and the race to develop artificial intelligence.