OpenAI, the artificial intelligence powerhouse behind ChatGPT, is in advanced discussions to raise substantial new funding from a consortium of investors, including Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and existing shareholder MGX from the United Arab Emirates. The move aims to fuel the company’s ambitious AI model development and its futuristic infrastructure project, Stargate.
According to a report by Media, which cited individuals familiar with the fundraising efforts, “The investors could put in at least hundreds of millions of dollars each.” The funding initiative is reportedly led by SoftBank, with a target of $40 billion for the current round.
OpenAI is actively seeking additional capital to bolster its ongoing model development and its colossal Stargate plan, a multi-billion dollar supercomputing project. The company, already backed by Microsoft, is keen on expanding its global investor base.
Earlier this year, OpenAI CEO Sam Altman met with India’s IT Minister to discuss the nation’s vision for a cost-effective AI ecosystem. Following this, Altman also made plans to visit the UAE to engage in funding discussions with Abu Dhabi’s investment group MGX. “Altman also planned to visit the UAE to discuss raising funds with the Abu Dhabi investment group MGX, two sources with knowledge of the matter told Media”
In addition to these major discussions, OpenAI has also reportedly explored securing at least $100 million each from venture capital firms Coatue and Founders Fund as part of this extensive fundraising endeavor. The Information further noted that OpenAI anticipates raising an additional $17 billion in 2027.
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