OpenAI is said to be in $30B round talks with UAE funds, BlackRock

• OpenAI is in talks with multiple investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a $30B round of financing for the ChatGPT maker, according to a media report on Monday.
• The funds would form a syndicate to invest in the round. The UAE funds have discussed putting in as much as $10B altogether, Bloomberg News reported.
• BlackRock Inc. is also in discussions to participate in the round alongside that syndicate. The fundraising is ongoing, and the details could change, the report added.
• OpenAI is reportedly looking to raise at least $30B in capital at a valuation of about $1.4T, as the firm pushes back plans for an initial public offering until at least next year, citing its focus on AI safety efforts. The company raised a $122B round in March at an $852B valuation, including the money.
• MGX has invested in prior OpenAI and Anthropic (ANTHRO) rounds. OpenAI has held talks with the University of California’s endowment fund, an existing investor, about participating in the round. Existing backers Thrive Capital and Andreessen Horowitz have also discussed putting in money, the report said.

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