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.

Morgan Stanley is shopping a $5 billion debt package for Elon Musk's xAI and the artificial intelligence company is seeking a valuation of $113 billion in a share sale worth $300 million, according to media reports on Monday.

Morgan Stanley is shopping a $5 billion debt package for Elon Musk’s artificial intelligence company, xAI Corp., according to a person familiar with the matter, the latest fundraising move by the billionaire who is also tapping markets for fresh equity across his business empire.

Elon Musk is formally stepping down from his role in the Trump administration after just five months, ending a tumultuous period during which he oversaw cost-cutting by the so-called Department of Government Efficiency.

Federal workers from six agencies tell WIRED that DOGE-style work is escalating in their departments as both new and familiar DOGE faces have appeared in meetings and at new offices.