OpenAI in Talks for $30B Round at $1.4T Valuation, With UAE Funds and BlackRock Circling

What Happened

Per Bloomberg on the evening of October 5 (ET), citing people familiar with the matter, OpenAI is in talks with multiple UAE funds including Abu Dhabi-based MGX, hoping they will anchor a new funding round of at least $30 billion. One source said the funds will form a consortium to participate; another said the UAE funds are discussing a combined investment of up to $10 billion. The sources also said BlackRock is in talks to join the round. The fundraising is ongoing and terms may change; neither OpenAI nor MGX has publicly confirmed the figures.

Per the sources, OpenAI is presenting the ~$1.4 trillion pre-money valuation as a fixed price to investors, with no lead investor chosen yet. Normally a lead investor negotiates valuation and terms first, and other investors then decide whether to follow. Meanwhile the company has pushed its IPO to at least next year, publicly citing a focus on AI safety.

Key Facts

1. $30B at $1.4T: At least $30 billion at a ~$1.4 trillion pre-money valuation. Back in March, OpenAI closed a $122 billion round at an $852 billion post-money valuation; six months later the asking price is up ~64%. This is a price under negotiation, not a done deal — final size and terms may change, and Bloomberg's sources are people familiar with the matter, not an official confirmation.
2. UAE consortium up to $10B: MGX and other UAE funds plan a consortium investing up to $10 billion combined. MGX has already backed OpenAI and Anthropic, and raised nearly $50 billion earlier this year dedicated to AI infrastructure and tech. BlackRock is also in talks; existing investors Thrive Capital, a16z and the UC endowment are discussing follow-ons.
3. Price first, lead investor later: Normally the lead investor sets valuation and terms. OpenAI is quoting $1.4 trillion as a fixed price to investors, with no lead set.
4. IPO delayed to next year: OpenAI delayed its IPO to at least next year, citing a focus on AI safety, while raising at least $30 billion. OpenAI has previously signed large compute and infrastructure deals with Microsoft, Nvidia and Oracle.

Context

OpenAI is the most valuable private company in the world (last round: $852 billion post-money). This year UAE's MGX and Saudi sovereign money sit on the cap tables of OpenAI, xAI and Anthropic at once; Microsoft, Nvidia and Oracle have signed compute and infrastructure deals worth tens of billions of dollars with OpenAI.