AsianFin — Elon Musk’s artificial intelligence startup xAI is preparing to launch a $300 million stock sale that would value the company at $113 billion, according to people familiar with the matter.

The deal will reportedly allow xAI employees to sell shares to new investors, providing liquidity to early stakeholders. Sources also indicated that the stock sale is a precursor to a larger funding round, during which the company plans to issue new shares to external investors.