Elon Musk's xAI is facing unprecedented challenges as it burns through $1 billion a month while struggling to generate revenue. The startup strives to raise $9.3 billion to sustain its ambitious AI goals amidst burgeoning competition.

Elon Musk has promised that his AI business, xAI, will help to revolutionize society. Before it can do that, however, the company is going to need to become fiscally viable—a goal it hasn’t quite met yet.

Elon Musk's xAI company is looking to raise $4.3 billion in equity funding, adding onto the $5 billion it's seeking in debt funding.