OpenAI is reportedly engaged in discussions with several UAE-based investment funds, including Abu Dhabi-based MGX, to help anchor a $30 billion financing round for the ChatGPT maker. These funds would come together to form a syndicate to invest in the round, with UAE investors jointly discussing a potential of up to $10 billion altogether. BlackRock Inc. is also said to be in talks to join this syndicate, according to Bloomberg. Sources also revealed that the fundraising is ongoing, and the details could change. However, OpenAI and BlackRock refused to comment on the development. Even representatives for MGX did not respond to requests for comment outside normal business hours. OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work. This latest push follows OpenAI most recently raising a $122 billion round in March, which had valued the company at $852 billion at the time.&nbsp;Read more: <a href="https://www.wionews.com/world/oil-prices-fall-by-almost-2-as-g7-stockpile-release-offsets-strait-of-hormuz-supply-fears-1791260713210">Oil prices fall by almost 2% as G7 stockpile release offsets Strait of Hormuz supply fears</a><h3>Deep-pocketed investors</h3>Leading AI companies, including OpenAI and Anthropic PBC, have previously turned toward deep-pocketed investors in the Middle East to fulfil their intense capital requirements in order to develop and support cutting-edge artificial intelligence software. MGX, in particular, has already backed earlier funding rounds for both OpenAI and Anthropic, and according to Bloomberg News, the firm raised nearly $50 billion earlier this year specifically to ramp up its AI infrastructure investments. Beyond the UAE funds, OpenAI has reportedly been in conversation with the University of California's endowment, an existing investor, about joining this round, while current backers Thrive Capital and Andreessen Horowitz have also reportedly discussed contributing. Thrive declined to offer a comment, and representatives for both Andreessen Horowitz and the University of California did not respond when reached. Notably, OpenAI is said to be approaching this round differently than is typical: rather than allowing investors to negotiate terms and compete to lead the round, the company is presenting its $1.4 trillion pre-money valuation as essentially fixed, even without having locked in a lead investor, a departure from the usual venture-funding playbook.

OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work.

OpenAI is reportedly engaged in discussions with several UAE-based investment funds, including Abu Dhabi-based MGX, to help anchor a $30 billion financing round for the ChatGPT maker. These funds would come together to form a syndicate to invest in the round, with UAE investors jointly discussing a potential of up to $10 billion altogether. BlackRock Inc. is also said to be in talks to join this syndicate, according to Bloomberg. Sources also revealed that the fundraising is ongoing, and the details could change. However, OpenAI and BlackRock refused to comment on the development. Even representatives for MGX did not respond to requests for comment outside normal business hours. OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work. This latest push follows OpenAI most recently raising a $122 billion round in March, which had valued the company at $852 billion at the time. Read more: Oil prices fall by almost 2% as G7 stockpile release offsets Strait of Hormuz supply fears Deep-pocketed investors Leading AI companies, including OpenAI and Anthropic PBC, have previously turned toward deep-pocketed investors in the Middle East to fulfil their intense capital requirements in order to develop and support cutting-edge artificial intelligence software. MGX, in particular, has already backed earlier funding rounds for both OpenAI and Anthropic, and according to Bloomberg News, the firm raised nearly $50 billion earlier this year specifically to ramp up its AI infrastructure investments. Beyond the UAE funds, OpenAI has reportedly been in conversation with the University of California's endowment, an existing investor, about joining this round, while current backers Thrive Capital and Andreessen Horowitz have also reportedly discussed contributing. Thrive declined to offer a comment, and representatives for both Andreessen Horowitz and the University of California did not respond when reached. Notably, OpenAI is said to be approaching this round differently than is typical: rather than allowing investors to negotiate terms and compete to lead the round, the company is presenting its $1.4 trillion pre-money valuation as essentially fixed, even without having locked in a lead investor, a departure from the usual venture-funding playbook.

OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work.

OpenAI in talks with UAE funds, BlackRock for $30 billion round at $1.4t valuation

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OpenAI in talks with UAE funds, BlackRock for $30 billion round at $1.4t valuation