OpenAI Seeks at Least $30 Billion in Funding, Discusses Up to $10 Billion From UAE Investors

OpenAI is seeking to raise at least $30 billion in a new funding round, with investment institutions in the United Arab Emirates discussing a commitment of as much as $10 billion.

Bloomberg reported on Oct. 5 that OpenAI has been in talks with several UAE investment firms, including Abu Dhabi-based MGX, about participating in the $30 billion funding round. Those investors have discussed forming a consortium that could invest as much as $10 billion in total.

BlackRock, the world's largest asset manager, is also in talks to invest alongside the consortium. Because the fundraising is still underway, the participating firms and the size of their commitments could change. OpenAI and BlackRock declined to comment, while MGX didn't respond.

OpenAI is pursuing a plan to raise at least $30 billion at a valuation of about $1.4 trillion. It has delayed an initial public offering until at least next year to focus on artificial intelligence safety work.

In March, OpenAI raised $12.2 billion at a valuation of $85.2 billion. Major AI companies including OpenAI and Anthropic have been actively courting Middle Eastern investors to secure the huge sums needed to develop advanced AI models and build infrastructure.

MGX previously participated in funding rounds for OpenAI and Anthropic. Earlier this year, MGX secured about $50 billion to expand its investments in AI infrastructure and technology.

OpenAI has also discussed participation in the round with the University of California endowment, an existing investor. Thrive Capital and Andreessen Horowitz are also considering additional investments.

In an unusual approach for a venture deal, OpenAI has yet to identify a lead investor and is instead presenting investors with a fixed pre-money valuation of $1.4 trillion.