OpenAI is in talks with investment funds from the United Arab Emirates (UAE), including Abu Dhabi-based MGX, to help anchor a $30 billion funding round for the ChatGPT maker, Bloomberg News reported.
The UAE funds have discussed investing as much as $10 billion collectively as part of a wider syndicate, while BlackRock is also in talks to participate in the fundraising, according to the report.
The fundraising remains ongoing and the terms could change, Bloomberg reported, citing people familiar with the matter.
OpenAI is seeking to raise at least $30 billion at a valuation of about $1.4 trillion, as the company delays plans for an initial public offering until at least next year.
The proposed fundraising would represent a significant increase in OpenAI’s valuation from its previous financing round.
OpenAI last raised $122 billion in March at an $852 billion valuation, according to the report.
MGX has previously invested in funding rounds for OpenAI and Anthropic. The Abu Dhabi-based investment fund also raised nearly $50 billion earlier this year to accelerate investments in artificial intelligence infrastructure and technology.
