Elon Musk's fledgling artificial intelligence firm xAI aims to raise $1 billion in fresh funding, according to a new filing - fueling its bid to compete with leading AI labs like OpenAI.

Regulatory disclosures revealed Musk has already attracted nearly $135 million for xAI since incorporating earlier this year after leaving OpenAI's board back in 2018. xAI's sole product currently is an experimental chatbot called Grok.

The capital injection would aid xAI's efforts keep pace with well-funded AI outfits like OpenAI, which Musk accuses of effectively functioning as a Microsoft subsidiary. Despite skepticism, Musk wants xAI technology to ultimately integrate with his newly acquired social network X.

Yet Musk himself harbors reservations about unchecked artificial intelligence advances - recently urging researchers in an open letter to pause certain models. During OpenAI CEO Sam Altman's brief removal, Musk suggested the mysterious rationale perhaps reflected dangerous discoveries.

Still, Musk sees an opening for xAI to channel his passions for space exploration and science fiction into AI applications serving humanity's benefit rather than its detriment - if sober oversight prevails. The ethos mirrors Musk's diverse business empire, spanning electric vehicles, brain implants, tunnels and rocket ships.