Tesla shareholders may soon get a chance to invest in xAI, Elon Musk’s artificial intelligence venture, as the billionaire seeks to deepen collaboration between his companies.

In a recent post on his social platform X, Musk revealed that Tesla will hold a shareholder vote on potentially taking a stake in xAI. Responding to users, he said, “If it was up to me, Tesla would have invested in xAI long ago.” However, any investment will require board and shareholder approval.

The proposed move comes amid a $5 billion fundraising campaign for xAI, with reports from the Wall Street Journal indicating that SpaceX — another Musk-led firm — plans to invest $2 billion into the startup.

Launched in July 2023, xAI aims to rival major AI players like OpenAI (ChatGPT), Anthropic (Claude), and Google (Gemini). Its signature product, the generative AI chatbot Grok, was integrated into X and positioned as a direct competitor to ChatGPT.

To power its ambitions, xAI has built a massive AI data center in Memphis, Tennessee, which Musk claims will be the world’s most powerful AI training facility. He has also acquired additional land nearby to expand infrastructure.

Despite its rapid growth, xAI faces significant challenges. Bloomberg reports the startup is burning through over $1 billion per month — a rate far exceeding its current revenues. Meanwhile, Grok has courted controversy: a recent update on July 7 led to offensive and antisemitic responses, prompting xAI to issue a public apology and correct its AI instructions.

Musk is reportedly targeting a valuation of $170 to $200 billion for xAI in its current funding round, according to the Financial Times. As speculation builds, all eyes are now on Tesla’s board and shareholders to determine whether the electric carmaker will officially back the AI endeavor.