GLAS supports xAI Corp. on landmark $3bn private note issuance

GLAS is pleased to have supported xAI Corp. on its landmark $3 billion privately placed note issuance, GLAS’ largest standalone mandate to date. The notes were purchased by a consortium of leading global debt investors, reflecting strong confidence in xAI’s strategic direction and technological innovation.

The financing will enable xAI to accelerate the development of its artificial intelligence solutions and establish a state-of-the-art data centre to support its growing platform and technological infrastructure.

GLAS acted as Note Trustee, Paying Agent, Transfer Agent, and Registrar on the transaction, working closely with stakeholders to ensure a smooth and efficient execution.

About X.AI Corp.

X.AI Corp., is an American public-benefit corporation founded by Elon Musk in March 2023. The company is dedicated to advancing human scientific discovery and understanding of the universe through cutting-edge AI technologies. With a focus on artificial intelligence, social media, and transformative technology, xAI continues to push the boundaries of innovation.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $500bn of assets under administration on a daily basis. For more information, contact media@glas.agency.