OpenAI in talks with UAE funds, BlackRock for $30 billion funding round

OpenAI is in talks with multiple United Arab Emirates investment funds, including Abu Dhabi-based MGX, and asset manager BlackRock Inc. to anchor a roughly $30 billion financing round, people familiar with the matter said. UAE funds have discussed committing as much as $10 billion collectively, while OpenAI is seeking capital at a valuation of about $1.4 trillion as it delays an initial public offering until at least next year to focus on AI safety efforts.

"The details could change," said the people, requesting anonymity to discuss private information. OpenAI and BlackRock declined to comment. Representatives for MGX did not respond to requests for comment outside normal business hours.

Company discussions reportedly envision a syndicate of UAE investors providing a substantial portion of the planned raise. BlackRock is in parallel discussions to participate alongside that syndicate. OpenAI has also held talks with the University of California’s endowment fund — an existing backer — about taking part in the round, and existing investors Thrive Capital and Andreessen Horowitz have discussed contributing, the people said. "Thrive declined to comment." Representatives for Andreessen and the University of California did not respond to requests for comment.

The proposed capital raise follows a string of large private financings by major AI companies. OpenAI most recently raised what was reported as a $122 billion round in March at an $852 billion valuation, including the money. Top AI firms, including OpenAI and Anthropic PBC, have previously sought capital from wealthy Middle Eastern investors to fund intensive compute and development needs. MGX has invested in prior rounds for both OpenAI and Anthropic, and Bloomberg reported the firm raised close to $50 billion earlier this year to accelerate AI infrastructure spending.

Unlike a typical venture capital process, OpenAI is presenting a $1.4 trillion pre-money valuation to investors as a set price rather than negotiating lead terms through competing bids, the people said. That approach signals a desire to lock in a large, high-priced private round without immediately settling on a single lead investor.

Deal mechanics and participants

• Target raise: roughly $30 billion.
• UAE funds discussed aggregate commitment: up to $10 billion.
• Anchor investor discussions: MGX (Abu Dhabi) and BlackRock Inc.
• Other potential participants: University of California endowment, Thrive Capital, Andreessen Horowitz.
• Target pre-money valuation: about $1.4 trillion.

Market observers say the capital would support the significant compute, research and safety work that OpenAI and its peers require as they scale advanced models and expand commercial offerings. The company has postponed an IPO while prioritising safety and governance, making private capital an attractive route to secure funds without the immediate scrutiny of public markets.

Outlook: If completed, a $30 billion infusion would be among the largest single private rounds in technology history and would deepen ties between leading AI developers and Gulf-region investors. The structure — a syndicate anchored by regional funds with participation from global asset managers — would also reflect a continuation of recent financing patterns in the AI sector. With discussions ongoing, terms and participants may still shift before any deal is finalised.