OpenAI (Unlisted:OPAI) CEO Sam Altman visited the Middle East this week as the company pursues funding for a new investment round, aiming to raise at least $50 billion.
As first reported by Bloomberg, the discussions involve sovereign wealth funds in the United Arab Emirates, including Abu Dhabi’s Mubadala and MGX. The proposed funding round remains in early stages, and no term sheets have been signed.
OpenAI is reportedly seeking to raise capital to support its ongoing expansion of AI infrastructure, including data centers such as its Stargate facility. The company has previously engaged with Middle East investors, with MGX having invested in OpenAI and built a UAE-based data center.
The potential new round could value OpenAI between $750 billion and $830 billion and is expected to close in the first quarter of 2026, the report said. However, the size and terms of the round could change as discussions continue, Bloomberg noted.
OpenAI has raised significant funding in recent years. Last year, it completed a $40 billion financing round led by SoftBank, which included participation from Microsoft, Coatue, Altimeter and Thrive. In October, the company also completed a $6.6 billion share sale that increased its valuation to $500 billion.