Elon Musk's AI startup xAI reported a net loss of $1.46 billion for the September quarter, an increase from the previous quarter's $1 billion loss, according to a Bloomberg report citing internal documents. Revenue nearly doubled to $107 million. The company also spent $7.8 billion in cash in the first nine months of the year. This news follows xAI's announcement of a $20 billion funding round. When contacted, xAI responded to Reuters with the message, "Legacy Media Lies."