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What’s in your wallet, OpenAI in talks with UAE funds to anchor $30 Billion funding round

Technology | AI

What’s in your wallet, OpenAI in talks with UAE funds to anchor $30 Billion funding round

Landon Capital News

OpenAI is in talks with investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a $30 billion funding round for the ChatGPT maker, Bloomberg News reported on Monday, citing people familiar with the matter.

The UAE funds have discussed investing as much as $10 billion collectively as part of a syndicate, while BlackRock is also in talks to participate, the report said.

The fundraising is ongoing and terms could change, according to the report.

OpenAI is seeking at least $30 billion at a valuation of about $1.4 trillion as it delays plans for an initial public offering until at least next year, Bloomberg reported.

OpenAI last raised $122 billion in March at an $852 billion valuation. MGX has invested in previous OpenAI and Anthropic funding rounds and raised nearly $50 billion earlier this year to accelerate investments in AI infrastructure and technology, Bloomberg reported.

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