While the online feud between Elon Musk and President Donald Trump seemed to drive traffic to Musk’s social media platform X (formerly Twitter), it could also create issues for the platform’s parent company xAI.

On Thursday afternoon, Morgan Stanley had gathered a group of executives from xAI, Elon Musk’s artificial-intelligence company, to pitch Wall Street on why they should lend billions of dollars to a cash-burning, high-growth startup.

Even before Elon Musk and President Donald Trump’s public falling out, selling debt for the tech mogul’s companies has always been tricky for Morgan Stanley. But xAI Corp. was supposed to be different.