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Bloomberg reported that OpenAI has engaged in discussions with multiple investment funds from the United Arab Emirates including the Abu Dhabi-based MGX to form a syndicate anchoring a $30 billion financing round for the company behind ChatGPT. Those UAE entities have considered committing up to $10 billion in aggregate while BlackRock has held parallel talks about participating alongside the group according to people familiar with the matter. The fundraising process remains fluid with terms and participation still subject to revision the news service added.
The artificial intelligence developer is seeking the capital at a pre-money valuation near $1.4 trillion Bloomberg figures show a substantial step up from the $852 billion valuation tied to its previous round in March that raised $12.2 billion. OpenAI has deferred plans for an initial public offering until at least 2027 while directing focus toward safety measures for advanced AI systems a Bloomberg assessment found. The scale of the proposed raise would place it among the largest private funding events in the technology sector to date.
MGX has already backed earlier funding rounds for OpenAI as well as Anthropic and xAI while securing nearly $50 billion in commitments earlier this year to accelerate artificial intelligence infrastructure investments according to Bloomberg data. The fund lists Mubadala and G42 among its key partners and operates under the chairmanship of Sheikh Tahnoon bin Zayed Al Nahyan. Its prospective role in the new round aligns with the Emirates’ established drive to expand capabilities in frontier technologies the report noted.
Existing investors such as Thrive Capital and Andreessen Horowitz have entered discussions about additional commitments in the round while the University of California endowment has also begun preliminary talks people familiar with the discussions told Bloomberg. The company has presented the transaction around a fixed valuation rather than following the conventional path of selecting a lead investor to set pricing Bloomberg reported. No final syndicate structure or binding commitments have been confirmed at this stage.
OpenAI declined to comment on the talks when contacted by Bloomberg. The development follows the company’s completion of a $12.2 billion raise earlier in the year that underscored sustained investor appetite for generative artificial intelligence platforms. Separate reporting from Bloomberg last week first outlined the $30 billion target and $1.4 trillion valuation without identifying the prospective UAE or BlackRock involvement.
MGX’s participation would extend a pattern of Gulf sovereign-linked capital flowing into leading United States artificial intelligence ventures a trend documented across multiple Bloomberg articles on regional technology strategy. The fund’s mandate centers on positioning Abu Dhabi as a hub for next-generation computing and data infrastructure according to prior coverage. Industry observers anticipate continued large-scale capital deployment as model training costs climb into the tens of billions of dollars.
