Elon Musk has refuted a report claiming that his artificial intelligence (AI) company, xAI, secured $500 million in commitments from investors toward a $1 billion goal. Responding to a user post about the Bloomberg article on social media platform X (formerly Twitter), Musk stated, “This is simply not accurate.”

According to Bloomberg, xAI, an AI startup founded by Musk, is in discussions about a valuation ranging from $15 billion to $20 billion. However, Musk and investors are still finalizing terms, and some parties are exploring the possibility of obtaining computing power in addition to or instead of xAI equity shares.

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The report suggests that terms could still change in the coming weeks, and discussions about the valuation are ongoing. Musk had previously mentioned in December that xAI was not raising funds, contradicting the startup’s filing with the US securities regulator to raise up to $1 billion in an equity offering.

Musk launched xAI in July the previous year as a response to concerns about Big Tech’s AI efforts, criticizing them for excessive censorship and insufficient safety measures.