ع
Bloomberg News reported that OpenAI has engaged multiple investment funds from the United Arab Emirates including Abu Dhabi-based MGX to anchor its latest capital raise. Those UAE funds have discussed forming a syndicate that would contribute as much as $10 billion in total according to people familiar with the matter. BlackRock is separately in discussions to participate in the round alongside the syndicate. The fundraising remains ongoing and all terms could still change.
The Bloomberg report indicated that OpenAI is seeking at least $30 billion at a pre-money valuation of roughly $1.4 trillion. The ChatGPT maker last raised $122 billion in March at an $852 billion valuation. OpenAI has pushed back plans for an initial public offering until at least next year while it focuses on artificial intelligence safety efforts. The company has not commented on the current negotiations.
MGX has already participated in previous OpenAI funding rounds as well as those of Anthropic according to Bloomberg News. The Abu Dhabi investment firm raised close to $50 billion earlier this year specifically to accelerate spending on AI infrastructure and technology. MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan with Mubadala and G42 among its founding partners. The firm also co-manages a separate $30 billion infrastructure vehicle with Microsoft and Nvidia.
Bloomberg News added that OpenAI has held talks with the University of California’s endowment fund which is already an investor in the company. Discussions have also taken place with existing backers Thrive Capital and Andreessen Horowitz about joining the new round. No lead investor has been selected for the transaction at this stage. The details of participation from any party could still be revised.
The talks reflect continued strong appetite for AI-related investments across global capital markets. OpenAI’s rapid growth since launching ChatGPT has required successive large funding rounds to support its expanding computational demands. Industry observers expect further capital raises in the sector as development costs for advanced models continue to climb. The company has declined to comment on its fundraising strategy.
