OpenAI in talks to raise funds from Middle Eastern sovereign wealth funds… “Valuation up to $830 billion”
Summary
- OpenAI is reported to be in talks with Middle Eastern sovereign wealth funds about a large-scale fundraising.
- OpenAI said it aims to raise at least $50 billion in this round and is targeting a $750 billion to $830 billion valuation.
- OpenAI has previously discussed a $10 billion investment with Amazon and was valued at $500 billion in the second half of last year.
OpenAI, the developer of ChatGPT, is said to have approached Middle Eastern sovereign wealth funds as it seeks to raise a large investment round.
According to Bloomberg on the 22nd (local time), Sam Altman, CEO of OpenAI, recently visited the Middle East and met with major sovereign wealth funds, including those in Abu Dhabi, United Arab Emirates (UAE), to discuss investment.
OpenAI plans to raise at least $50 billion through this fundraising. The valuation it is targeting is $750 billion to $830 billion. OpenAI has also recently held talks with global e-commerce company Amazon about a $10 billion investment.
Meanwhile, OpenAI was valued at $500 billion in the second half of last year. Bloomberg reported that “major AI developers such as Elon Musk’s xAI are turning to deep-pocketed Middle Eastern investors to meet surging capital needs.”
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
