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Elon Musk’s artificial intelligence start-up xAI is looking to raise $1bn in equity, according to a filing with the US securities regulator, as the billionaire races to challenge rivals such as OpenAI in the fast-growing field of generative AI.

The company had already raised $135mn from investors, the filing with the Securities and Exchange Commission said. It is asking investors to put in a minimum of $2mn.

Generative AI companies — whose technology can automatically generate humanlike text and imagery — have raised billions of dollars this year after Microsoft-backed OpenAI released its consumer chatbot, ChatGPT, to fanfare in November 2022.

Read more about Musk’s AI plans here.