OpenAI seeks UAE $10B in $30B fundraising to delay IPO
Business
OpenAI (the folks behind ChatGPT) is talking with UAE investment funds about a potential syndicate investment of up to $10 billion collectively.
This is part of a bigger $30 billion fundraising push, aiming for a massive $1.4 trillion valuation.
The main goal? Level up AI capabilities and hold off on going public so they can focus more on making AI safer.
BlackRock, MGX and existing backers interested
BlackRock and other big names are looking to join the funding, alongside Abu Dhabi's MGX fund, which raised close to $50 billion earlier this year for AI infrastructure.
Existing backers like Thrive Capital and Andreessen Horowitz might also increase their stakes, and even the University of California's endowment fund is reportedly interested in joining this major round.