About xAI

xAI is a cutting-edge company at the forefront of generative AI, which is projected by Bloomberg to become a $1 trillion market opportunity over the next decade. Leveraging proprietary partnerships with "Muskonomy" businesses, xAI benefits from unique datasets, specialized AI hardware, and top engineering talent, creating a strong competitive moat. Led by Elon Musk, a pioneer with over a decade of AI experience, and supported by a founding team of leading AI experts, xAI is well-positioned to drive significant advancements in AI. The company's differentiated products, world-class team, and open-source approach enable it to potentially achieve substantial revenue and market value growth, similar to the trajectory of Open AI.

What is done so far

xAI, Elon Musk's artificial intelligence company, has made several notable achievements recently. Here are some highlights:

1. AI-Powered Gaming Studio: xAI announced an ambitious AI-driven gaming studio aimed at revolutionizing the gaming industry. This venture leverages xAI's AI infrastructure to streamline game development.
2. $6 billion Funding: xAI secured a massive $6 billion in funding, setting a new industry record. This funding round was backed by major investors like NVIDIA, AMD, and several venture capital firms.
3. Colossus Supercomputer: xAI built Colossus, the fastest AI supercomputer ever, with 100,000 NVIDIA Hopper GPUs. Plans are underway to expand it to 200,000 GPUs.
4. Grok Language Model: xAI developed Grok, a state-of-the-art language model with advanced reasoning skills. Grok 2 is already in use, and Grok 3 is currently being trained.
5. xAI API: xAI launched an API that provides developers with access to its foundational models, offering minimal latency and global reach.
6. Aurora Model: xAI introduced Aurora, a model for generating images, enhancing its AI capabilities.
7. Environmental Concerns: xAI's supercomputer project in Memphis has faced scrutiny due to its high electricity usage and environmental impact -

Commitment Raise

As we are still in the final discussion on a price per share, we are asking wholesale investors to submit their indicative 'Commitment' which allows investors to indicate how much allocation they would like.

Then before closing the round, we will have the final pricing so investors have the option to continue or withdraw their offer.

The final price and number of shares purchased will be published before you are asked to pay. If you don't want to continue, please log into your account and withdraw your order before the end of the raise. You can withdraw your order from the "My orders" tab in your account.

Special Purpose Vehicle – Net Equity Nominee 1 Limited (NE1)

NE1 is a special purpose vehicle (SPV) to pool investor funds to meet the minimum requirements to buy into this transaction. NE is a limited liability company with one director being David Armstrong of Net Funds.

The intrinsic value of the shares in NE1 are directly linked to the value of xAI in the event of a secondary market trade, because xAI shares will be the only asset held by NE1. A constitution is in place with NE1 to protect shareholders as the entity cannot be used for any other purposes.

Where trading on the Catalist platform is described as a "capital raise" or "commitment", the exact number of shares in NE1 that will be issued to you will depend upon the final number of xAI shares that NE1 is able to purchase with your investment (after taking into account fees and currency conversion costs). The number of shares in NE1 you will hold will be confirmed in your settlement statement when the new shares are issued to you.

In the event an investor wishes to sell their stake in NE1 then the Director will to their best ability obtain an updated valuation from the arranger – Wings of Mercury X LP. In that event using the Catalist platform we can go to other investors or existing shareholders in NE1 to sell your stake but cannot guarantee demand.

Where trading on the Catalist platform is described as "secondary market", existing investors can offer their shares for sale and new buyers can bid to buy the shares. Although the purpose of any secondary market auctions is to give existing investors the opportunity to trade their shares, if there is more demand to buy new shares than the supply of shares from existing shareholders, NE1 may decide to issue additional shares at the clearing price established by the auction in order to satisfy excess buy orders and ensure prospective investors don’t miss out.