OpenAI eyes $40 billion boost from Saudi, India, and UAE

OpenAI is seeking to raise a record-level $40 billion to develop its artificial intelligence and infrastructure.

The Microsoft-backed startup is in talks with prominent global investors, banks including Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and the UAE’s MGX. 

OpenAI courts global investors.

The cash will fund the company’s first significant phase in developing AI products, including a notable infrastructure project, Stargate, that would encapsulate the future of AI models for the company. 

The Information reported that the group of investors are eyeing the amount of money each will invest, which may be in the range of hundreds of millions of dollars. 

Notably, the funding process is led by Japan’s SoftBank and includes over $100 million each in potential investment from Coatue Management and Founders Fund.

OpenAI has gained international prominence with its advanced generative AI, like ChatGPT, which can allow users to have human-like conversations, write essays, and code. 

The surge in popularity of artificial intelligence globally has led the company to plan new technologies and capabilities for the company. 

Earlier this year, OpenAI CEO Sam Altman met India’s IT minister to discuss building a low-cost AI ecosystem in the country. Altman also planned a visit to the UAE to seek investment from Abu Dhabi’s MGX.