OpenAI in talks with UAE funds including MGX and BlackRock over US$30bn raise

OpenAI is in talks with multiple investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor a US$30bn round of financing, according to people familiar with the matter cited by Bloomberg and reported by The Business Times (https://www.businesstimes.com.sg/international/openai-us30-billion-round-talks-uae-funds-blackrock). The UAE funds would form a syndicate investing as much as US$10bn altogether, one person said, with BlackRock also in discussions to participate alongside that syndicate.

The fundraise is ongoing and details could change, the people said, requesting anonymity to discuss private information. OpenAI and BlackRock declined to comment; MGX did not respond to requests for comment.

OpenAI is seeking at least US$30bn at a valuation of about US$1.4tn, presenting the pre-money valuation as a set price despite not yet settling on a lead investor — an unusual structure for a venture round. The company has pushed back IPO plans until at least 2027, citing AI safety efforts.

Existing investors are also in the frame: OpenAI has held talks with the University of California’s endowment fund, while Thrive Capital and Andreessen Horowitz have discussed investing. MGX has backed prior OpenAI and Anthropic rounds and raised close to US$50bn earlier in 2026 to accelerate AI infrastructure spending, Bloomberg has reported.