UAE investment funds, including Abu Dhabi-based MGX, are in talks to help anchor a potential $30B funding round for OpenAI according to a Bloomberg report.
The funds have discussed investing as much as $10B in the ChatGPT maker as part of a wider syndicate, Bloomberg reported yesterday.
BlackRock is also in discussions to participate alongside the group although the fundraising remains ongoing and the terms could change.
The potential investment would further deepen the UAE’s exposure to the global artificial intelligence sector, with Abu Dhabi increasingly positioning sovereign and institutional capital around the infrastructure, models and companies underpinning the AI economy.
OpenAI Targets $1.4T Valuation
OpenAI is reportedly looking to raise at least $30B in capital at a valuation of an estimated $1.4T as the firm pushes back plans for an initial public offering next year citing its focus on AI safety efforts.
Previous Rounds
The AI firm raised $122B in a funding round in March at an $852B valuation.
MGX Investments
MGX invested in prior OpenAI and Anthropic rounds.
OpenAI has held talks with the University of California’s endowment fund, an existing investor, about participating in the round.
Existing backers Thrive Capital and Andreessen Horowitz have also discussed putting in money, the report said.
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