OpenAI Negotiates $30 Billion Funding Round with UAE Funds and BlackRock
October 8, 2026 · 2 min read
OpenAI is currently in discussions to secure a funding round worth $30 billion, engaging multiple investment funds from the United Arab Emirates, including MGX, based in Abu Dhabi. These funds are expected to serve as cornerstone investors to support the development of ChatGPT and its associated technologies.
According to insiders, the UAE funds are planning to form an investment consortium for this funding round. Reports suggest that the total contributions from several UAE funds could reach up to $10 billion. BlackRock is also reportedly in talks to participate alongside this consortium, although details of the negotiations are still in flux.
Previous reports indicated that OpenAI aims to raise a minimum of $30 billion, with a pre-funding valuation estimated at $1.4 trillion. The company has stated that its current focus is on artificial intelligence safety work, which has led to a delay in its initial public offering plans until at least next year. The last funding round OpenAI completed was in March of this year, totaling $122 billion with a valuation of $852 billion.
OpenAI and leading AI companies like Anthropic PBC have sought financial support from wealthy Middle Eastern investors to meet the enormous capital requirements associated with cutting-edge AI software development and operation.
MGX has previously participated in funding rounds for both OpenAI and Anthropic. Reports indicate that this investment institution raised nearly $50 billion earlier this year to accelerate its investments in AI infrastructure and related technologies.
Additionally, OpenAI is in communication with its existing investor, the University of California endowment fund, to invite them to participate in this funding round. Other existing shareholders, including Thrive Capital and Andreessen Horowitz, are also discussing potential additional investments.
Insiders have noted that unlike traditional venture financing, OpenAI has already provided a fixed pre-funding valuation of $1.4 trillion directly to investors, even though a lead investor has yet to be finalized. Typically, investment firms submit terms for their investment and negotiate with the company regarding who will take the lead in the funding round.