OpenAI in Talks With UAE Funds for $10B Investment at $1.4T Valuation

OpenAI is in talks with a group of United Arab Emirates investment funds, including Abu Dhabi's MGX, to back a $30 billion funding round that would value the ChatGPT developer at approximately $1.4 trillion, according to people familiar with the matter. The UAE funds are discussing contributing as much as $10 billion combined, one person said. BlackRock is also in talks to join the investor group. OpenAI, BlackRock and MGX declined or did not respond to requests for comment. OpenAI is seeking at least $30 billion in the round and has fixed the pre-money valuation at $1.4 trillion, an unusual structure that departs from typical venture financing negotiations. The company has delayed IPO plans to at least next year, citing a focus on AI safety. Its most recent raise, completed in March, brought in $122 billion at a valuation of $852 billion. Existing backers Thrive Capital and Andreessen Horowitz have also discussed participating, alongside the University of California endowment. MGX, which raised nearly $50 billion earlier this year, previously invested in OpenAI and Anthropic.