A group of investors including Nvidia are backing Elon Musk’s xAI in an ongoing funding round that has racked up $20 billion thus far, according to a report.

The financing round includes debt and equity in a special purpose vehicle that will buy Nvidia chips and rent them to xAI, people with knowledge of the matter told Bloomberg .

Musk’s AI firm will then use the processors for its Colossus 2 project – its massive Memphis data center, the report said. 3

Jensen Huang’s chipmaker is investing as much as $2 billion in the equity portion of the transaction, sources told Bloomberg.

Apollo Global Management and Diameter Capital Partners are participating in the debt raise, while Valor Capital is leading the equity part of the deal, according to the report. Apollo is also investing in

See Full Page