OpenAI Seeks $30 Billion Funding Round Backed by Emirati Funds

OpenAI is holding talks with several investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help support a $30 billion funding round for the maker of ChatGPT, according to people familiar with the matter.

One person said the funds would form an investment consortium for the round, while another said the UAE-based funds discussed injecting up to $10 billion in total.

BlackRock is also in talks to participate in the round alongside the consortium, according to the people. The individuals, who requested anonymity to discuss private information, said the fundraising process is still ongoing and details may change.

OpenAI is seeking to raise at least $30 billion in capital at a valuation of around $1.4 trillion, Bloomberg reported, as the company delays its initial public offering plans until at least next year, citing its focus on AI safety efforts.

OpenAI previously raised $122 billion in its latest funding round in March at a valuation of $852 billion, which included the capital raised in that round.

Leading AI companies, including OpenAI and Anthropic PBC, have previously turned to well-capitalized investors in the Middle East to meet their substantial capital needs for developing and supporting advanced AI software.

MGX has invested in previous funding rounds for OpenAI and Anthropic. The investment firm raised nearly $50 billion earlier this year to accelerate spending on AI infrastructure and technology, according to Bloomberg News.

The people said OpenAI held talks with the University of California Endowment Fund, a current investor, regarding participation in the round. Current investors Thrive Capital and Andreessen Horowitz also discussed injecting capital, according to the individuals.