Elon Musk’s social media platform, X, has raised close to $1bn in new equity funding, keeping the company’s valuation steady at $32bn—the same as when Musk took it private in 2022.  

According to sources, Musk personally participated in the raise, alongside Darsana Capital Partners, which had previously acquired portions of X’s debt.

The company is reportedly considering using part of the proceeds to reduce its remaining debt burden. The original $44bn buyout of Twitter, later rebranded as X, included at least $12.5bn in debt.

Since the acquisition, X has faced a turbulent period marked by aggressive cost-cutting and advertiser exits. At one point, Fidelity Investments slashed its valuation of X by 79% from its acquisition price.

Musk has a history of raising private capital for his ventures. SpaceX recently completed a tender offer that valued the company at $350bn, while his AI startup, xAI, is reportedly seeking fresh funding at a potential $75bn valuation.

Neither X nor Darsana Capital Partners have commented on the funding round. The latest investment signals continued confidence from backers in Musk’s long-term vision for the platform.