Insiders revealed that X.AI, the artificial intelligence applications company owned by American billionaire Elon Musk, has significantly raised its target for the current funding round to $20 billion.

According to Bloomberg News agency sources, the company will raise funds through selling equity stakes or obtaining loans, by creating a special purpose acquisition company that will purchase chips from Nvidia and lease them back to X.AI. Nvidia chips will be used in the ‘Clausus2’ project, the largest data center owned by X.AI located in Memphis, USA.

Sources also stated that Nvidia will contribute about $2 billion in X.AI’s latest funding round in exchange for an equity stake in the company.