OpenAI explores multi-billion dollar backing from Saudi, UAE and India's Reliance for AI expansion: Report

OpenAI, the creator of ChatGPT, is reportedly in advanced discussions with sovereign wealth funds and corporate giants including Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and UAE-based MGX to support a massive $40 billion fundraising effort, according to a report by The Information.

The proposed investments could see each of these partners commit at least several hundred million dollars, sources familiar with the negotiations told the publication. The financing round is being led by Japan’s SoftBank and is aimed at fuelling OpenAI’s aggressive push into advanced AI model development and its ambitious infrastructure initiative, Stargate.

OpenAI CEO Sam Altman has been on a global tour to secure funds, including a high-profile meeting with India’s IT Minister earlier this year to explore collaborative opportunities for building a low-cost AI ecosystem. Sources confirmed to Reuters that Altman also intended to travel to the UAE to engage with MGX, one of the Gulf region’s key investment arms, for funding discussions.

The Microsoft-backed firm is also reportedly in talks to secure at least $100 million each from US-based Coatue Management and Founders Fund. Additionally, OpenAI anticipates raising another $17 billion in 2027, indicating its long-term capital strategy is still unfolding.