OpenAI in Talks with UAE Investment Fund for $7 Billion Fundraising

OpenAI has told investors it may try to raise as much as $7 billion in a massive fundraising round that would value it at $150 billion. It is in talks with MGX, the $100 billion United Arab Emirates-backed investment fund, according to people familiar with the matter, as well as tech and VC investors such as Microsoft and Thrive Capital.

A spokesperson for MGX said that “as part of its regular investment mandate, MGX has been continuously engaged in discussions with partners around the world regarding investments in the technology space.” A spokesperson for OpenAI didn’t respond to requests for comment.