OpenAI in talks with UAE funds and BlackRock for US$30bn round
OpenAI is in discussions with UAE investment funds including MGX and asset manager BlackRock for a US$30 billion funding round. The Gulf funds may contribute up to US$10 billion. The startup is seeking a valuation of roughly US$1.4 trillion.
OpenAI is in discussions with several United Arab Emirates investment funds and BlackRock for its latest US$30 billion funding round, Bloomberg reported, citing people familiar with the matter.
The Gulf-based funds, including Abu Dhabi-based MGX, are discussing forming a consortium to contribute as much as US$10 billion in aggregate to the artificial intelligence company's round, the report said. Global asset manager BlackRock is also in talks to join the financing.
OpenAI is seeking to raise at least US$30 billion at an expected pre-money valuation of roughly US$1.4 trillion, Bloomberg previously reported. The startup has pushed back any plans for an initial public offering until at least next year, citing a need to focus on AI safety.
The ChatGPT maker most recently raised capital in March, securing US$122 billion at a US$852 billion post-money valuation, according to the report.