Elon Musk's artificial intelligence company, xAI, reportedly reached a valuation of $50 billion just 16 months after its founding in July 2023. It is now worth more than what the billionaire paid for Twitter. Arguably the most well-known name in the AI space, OpenAI, last valued at $157 billion, needed over nine years to achieve the same milestone.

xAI is looking to compete in an increasingly crowded AI space dominated by companies including OpenAI, Anthropic, and Big Tech companies including Google and Microsoft. Apple, the world's largest tech company, has also entered the AI space with its gradual launch of Apple Intelligence on some of its devices.