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Bloomberg reported on October 5 that OpenAI is engaged in talks with several investment funds from the United Arab Emirates, including the Abu Dhabi-based MGX, to anchor what would be a $30 billion financing round for the company behind ChatGPT. Those UAE funds have discussed contributing as much as $10 billion in total through a syndicate, one person familiar with the discussions told the news service. BlackRock is also in separate talks to join the round alongside the UAE group, according to the same sources who asked not to be identified because the matter remains private.
The fundraising effort is still underway and key terms including the final size and participants could shift before closing, Bloomberg noted in its account. OpenAI is targeting at least $30 billion at a pre-money valuation around $1.4 trillion, a level that would mark a steep rise from earlier rounds. The company has deferred any initial public offering until at least 2027 while it concentrates resources on AI safety initiatives, the report added.
MGX has taken part in previous funding rounds for both OpenAI and its competitor Anthropic, Bloomberg figures show. The Abu Dhabi entity raised almost $50 billion earlier this year specifically to speed investments in artificial intelligence infrastructure and related technologies. It counts Mubadala and G42 among its founding partners and is chaired by Sheikh Tahnoon bin Zayed Al Nahyan.
BlackRock already partners with MGX, Microsoft and Nvidia in a separate $30 billion vehicle focused on AI infrastructure projects, a relationship that could smooth coordination on the OpenAI talks. The asset manager’s potential participation would add significant institutional weight to the syndicate. Neither OpenAI nor BlackRock commented on the discussions when contacted by Bloomberg, while MGX did not respond to requests for comment.
OpenAI last raised $12.2 billion in March at an $85.2 billion valuation, according to Bloomberg’s recap of the company’s funding trajectory. The latest round would therefore represent both a larger check and a substantially higher price tag as investor appetite for generative artificial intelligence remains robust. Existing backers including Thrive Capital, Andreessen Horowitz and the University of California endowment have held preliminary talks about participating again or adding to their stakes.
The overtures to UAE investors reflect broader Gulf interest in securing a leading position in the global AI race through both capital and infrastructure. MGX’s mandate aligns with Abu Dhabi’s strategy of channeling sovereign resources into high-technology sectors that promise long-term economic diversification. Any completed deal would further cement ties between OpenAI and Middle Eastern capital that have been building over multiple investment cycles.
