OpenAI in talks for $40bn fundraise with Saudi PIF, India’s Reliance, and UAE’s MGX, The Information reports | Company Business News-OxBig News Network

ChatGPT maker OpenAI has talked to Saudi’s PIF, India’s Reliance Industries and existing shareholder United Arab Emirates’ MGX about its $40 billion financing, The Information reported on Wednesday.

The investors could put in at least hundreds of millions of dollars each, the report said, citing people familiar with the fundraise.

OpenAI is looking to raise more funds to fuel its model development and ambitious infrastructure plan Stargate, with the financing led by SoftBank.

Earlier this year, OpenAI CEO Sam Altman met with India’s IT Minister and discussed India’s plan of creating a low-cost AI ecosystem, after which Altman also had plans to visit UAE to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter told Reuters.

The Microsoft-backed startup has also discussed raising at least $100 million each from Coatue and Founders Fund as part of the fundraise, The Information report said, adding that the company also expects to raise an additional $17 billion in 2027.

Reuters could not immediately confirm the report.

OpenAI, PIF, Reliance Industries, MGX and SoftBank did not immediately respond to Reuters requests for comment.

(With inputs from Reuters)