The world's richest man and Tesla CEO, Elon Musk, is in talks with the Middle East's biggest investors to raise funds for his AI company, xAI, Financial Times reported on Thursday, citing people familiar with the matter. The move could double the company's valuation to $45 billion.

According to the report, the start-up is in early talks with new and existing investors, aiming for fresh cash to compete with OpenAI and other top contenders in the AI field, such as Anthropic, Alphabet, and Meta. The sources also mentioned that Valor is expected to lead a round with investors from Qatar and Saudi Arabia.

The news follows a previous Wall Street Journal report stating that the company sought a funding round, but only with a $40 billion target, to cover the rapid expansion of xAI.