OpenAI is in talks with multiple investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a $30 billion round of financing for the ChatGPT maker, according to people familiar with the matter.
The funds would form a syndicate to invest in the round, one of the people said. The UAE funds have discussed putting in as much as $10 billion altogether, one person said.
BlackRock Inc. is also in discussions to participate in the round alongside that syndicate, the people said. The fundraise is ongoing and the details could change, said the people, requesting anonymity to discuss private information.
OpenAI and BlackRock declined to comment. Representatives for MGX did not respond to requests for comment outside normal business hours.
OpenAI is looking to raise at least $30 billion in capital at a valuation of about $1.4 trillion , Bloomberg News has reported, as the firm pushes back plans for an initial public offering until at least next year, citing its focus on AI safety efforts. OpenAI most recently raised a $122 billion round in March at an $852 billion valuation, including the money.
Top AI firms, including OpenAI and Anthropic PBC, have previously turned to deep-pocketed investors in the Middle East to meet their intense capital needs to develop and support cutting-edge artificial intelligence software.
MGX has invested in prior OpenAI and Anthropic rounds. The investment firm raised close to $50 billion earlier this year to accelerate spending on AI infrastructure and technology, Bloomberg News has reported .
OpenAI has held talks with the University of California’s endowment fund, an existing investor, about participating in the round, the people said. Existing backers Thrive Capital and Andreessen Horowitz have also discussed putting in money, the people said.
Thrive declined to comment. Representatives for Andreessen and the University of California didn’t respond to requests for comment.
Unlike typical venture rounds, OpenAI is presenting its $1.4 trillion pre-money valuation to investors as a set price despite not yet settling on a lead investor, the people said. Normally, investment firms submit terms for funding rounds and negotiate with the company about leading it.