Sam Altman led OpenAI, is once again looking at its cap table to tap big investors to join the list. According to a report in The Information, the ChatGPT maker has approached Saudi Arabia’s PIF, India’s Reliance Industries, and even existing shareholder United Arab Emirates’ MGX as it looks to raise $40 billion in fresh financing.
The report says that OpenAI is looking to raise more funds, mainly to fuel its model development and ambitious infrastructure plan, Stargate. The funding round is likely to be led by SoftBank. PIF has long ties with Softbank as it was among the bigger investors in the telecom conglomerate’s $100 billion first Vision Fund. More recently, OpenAI’s CEO Sam Altman, met with the Saudi crown prince, Mohammad Bin Salman, during President Donald Trump’s visit to the Kingdom in May.
Besides the $40 billion in works, company staffers have told investors that they expect to raise an additional $17 billion in 2027, but the size and timing of the round could vary, the Information reported. As for talks with India’s Reliance Industries, it is learnt that OpenAI executives have discussed a potential product and sales partnership with Jio, its telecom arm. OpenAI wants Reliance businesses to distribute or sell its AI.
Meanwhile, OpenAI, Softbank, Oracle and UAE’s MGX have teamed up for the Stargate project, in which they will finance and build $500 billion in AI data centres, the report claimed.