OpenAI's Sam Altman Seeks $40 Billion Funding from Abu Dhabi's MGX Amid Global AI Race

OpenAI's Altman to stop in Abu Dhabi for MGX fundraising talks - report

Image credit: Getty Images OpenAI CEO Sam Altman plans to visit the United Arab Emirates this week to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter said. Altman's Abu Dhabi stop comes as the ChatGPT maker looks to raise about $40bn to fuel its model development and ambitious infrastructure plan Stargate at a time when US AI companies are facing a new challenge from cheaper Chinese alternative DeepSeek. Read: Nestlé, Dubai AI Campus to develop AI tool to drive F&B innovation MGX took part in OpenAI's last funding round of $6.6bn, which closed in October. With a growing presence in the US AI scene, it has invested in companies such as xAI and Databricks. MGX was not immediately available for comment. The talks with Abu Dhabi's MGX will follow Altman's whirlwind tour of Asia, during which a partnership with Japan's SoftBank for AI services was announced on Monday. SoftBank is in talks to lead a funding round of up to $40 billion in OpenAI at a valuation of $300bn, including the new funds, in what could be a record single funding round for a private company, sources have said. Important: China's DeepSeek rivals ChatGPT, casting doubt over tech valuations US President Donald Trump last month unveiled a joint venture dubbed Stargate involving three principal equity backers OpenAI, SoftBank, and Oracle ORCL.N, in which MGX is also participating. The Stargate partners have promised to spend $100 billion to build the servers providing computing muscle for AI, ramping up to $500bn over four years. Altman visited India on Wednesday, where he met IT Minister Ashwini Vaishnaw and discussed the country's plan for creating a low-cost AI ecosystem. Must know: OpenAI launches ChatGPT Edu for universities, to be available in 50 languages Altman's OpenAI, which is part-owned by Microsoft, released ChatGPT in late 2022 and reached over 300 million weekly active users two years later. But China's DeepSeek emergence this month showed companies a cheaper alternative to access AI technology at a fraction of the cost. AI was top of the agenda when UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Washington in December. Abu Dhabi's AI push is led by the state-backed G42 and MGX, in which the $330bn wealth fund Mubadala is a partner.

OpenAI's Altman to stop in Abu Dhabi for MGX fundraising talks, sources say

OpenAI CEO Sam Altman is visiting the UAE to discuss raising $40 billion with Abu Dhabi's MGX, aiming to fuel AI development and compete with China's DeepSeek, as the UAE invests heavily in AI infrastructure.OpenAI CEO Sam Altman plans to visit the United Arab Emirates this week to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter said. Altman's Abu Dhabi stop comes as the ChatGPT maker looks to raise about $40 billion to fuel its model development and ambitious infrastructure plan Stargate at a time when US AI companies are facing a new challenge from cheaper Chinese alternative DeepSeek. MGX took part in OpenAI's last funding round of $6.6 billion, which closed in October. With a growing presence in the US AI scene, it has invested in companies such as xAI and Databricks. MGX was not immediately available for comment. The talks with Abu Dhabi's MGX will follow a whirlwind tour of Asia by Altman, during which a partnership with Japan's SoftBank for AI services was announced on Monday. The UAE, a wealthy oil producer and longtime security partner of the US, is in a race to become an AI leader amid rising competition from neighbouring Qatar and Saudi Arabia. SoftBank is in talks to lead a funding round of up to $40 billion in OpenAI at a valuation of $300 billion, including the new funds, in what could be a record single funding round for a private company, sources have said. US President Donald Trump last month unveiled a joint venture dubbed Stargate involving three principal equity backers OpenAI, SoftBank, and Oracle, in which MGX is also participating. The Stargate partners have promised to spend $100 billion to build the servers providing computing muscle for AI, ramping up to $500 billion over four years. Altman visited India on Wednesday, where he met IT Minister Ashwini Vaishnaw and discussed the country's plan for creating a low-cost AI ecosystem. Altman's OpenAI, which is part-owned by Microsoft, released ChatGPT in late 2022 and reached over 300 million weekly active users two years later. But China's DeepSeek emergence this month showed companies a cheaper alternative to access AI technology at a fraction of the cost. AI was top of the agenda when UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Washington in December. The UAE is pouring billions of dollars into AI and officials believe the bet will give it global clout by making the Gulf state a key economic actor long after oil demand has dried up. But there have been U.S. concerns over its warm relationship with China on fears that US technology could be shared with Beijing. Abu Dhabi's AI push is led by the state-backed G42 and MGX, in which the $330 billion wealth fund Mubadala is a partner.

OpenAI's Altman to stop in Abu Dhabi for MGX fundraising talks, sources say

DUBAI/NEW YORK (Reuters) - OpenAI CEO Sam Altman plans to visit the United Arab Emirates this week to discuss raising funds with Abu Dhabi investment group MGX, two sources with knowledge of the matter said. Altman's Abu Dhabi stop comes at a key moment for the ChatGPT maker as established U.S. firms face a new challenge from cheaper Chinese alternative DeepSeek. The talks with Abu Dhabi's MGX will follow a whirlwind tour of Asia by Altman, during which a partnership with Japan's SoftBank for AI services was announced on Monday. The UAE, a wealthy oil producer and longtime security partner of the U.S., is in a race to become an AI leader amid rising competition from neighbouring Qatar and Saudi Arabia. MGX took part in a $6.6 billion OpenAI funding round which closed in October. It was not immediately available for comment. SoftBank is in talks to lead a funding round of up to $40 billion in OpenAI at a valuation of $300 billion, including the new funds, in what could be a record single funding round for a private company, sources have said. U.S. President Donald Trump last month unveiled a joint venture dubbed Stargate involving three principal equity backers OpenAI, SoftBank, and Oracle, in which MGX is also participating. The Stargate partners have promised to spend $100 billion to build the servers providing computing muscle for AI, ramping up to $500 billion over four years. Altman visited India on Wednesday, where he met IT Minister Ashwini Vaishnaw and discussed the country's plan for creating a low-cost AI ecosystem. Altman's OpenAI, which is part-owned by Microsoft, released ChatGPT in late 2022 and reached over 300 million weekly active users two years later. But China's DeepSeek emergence this month showed companies a cheaper alternative to access AI technology at a fraction of the cost. AI was top of the agenda when UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Washington in December. The UAE is pouring billions of dollars into AI and officials believe the bet will give it global clout by making the Gulf state a key economic actor long after oil demand has dried up. But there have been U.S. concerns over its warm relationship with China on fears that U.S. technology could be shared with Beijing. Abu Dhabi's AI push is led by the state-backed G42 and MGX, in which the $330 billion wealth fund Mubadala is a partner. (Reporting by Federico Maccioni in Dubai and Krystal Hu in New York; Editing by Alexander Smith)

OpenAI's Sam Altman Looks To Raise Funds From Abu Dhabi's MGX Amid Increased Competition: Report - Oracle (NYSE:ORCL), SoftBank Group (OTC:SFTBY)

Sam Altman, CEO of OpenAI, is reportedly set to visit the United Arab Emirates this week to engage in fundraising discussions with Abu Dhabi-based investment firm MGX. What Happened: Altman's visit has been confirmed by two sources, as per a report by Reuters. This visit comes at a pivotal time for OpenAI as it faces competition from China's DeepSeek, a more affordable AI alternative. Altman's meeting with MGX follows a recent tour of Asia, where he announced a partnership with Japan's SoftBank Group SFTBY for AI services. The UAE, striving to become a leader in AI, is investing heavily in the sector, competing with Qatar and Saudi Arabia. Why It Matters: MGX was part of a $6.6 billion funding round for OpenAI that concluded in October. SoftBank is reportedly in discussions to lead a funding round of up to $40 billion for OpenAI, potentially setting a record for private company funding. This round could value OpenAI at $300 billion. Additionally, President Donald Trump recently announced a joint venture, Stargate, involving OpenAI, SoftBank, and Oracle Corp. ORCL, with MGX participating. Altman also visited India, meeting with the country's IT minister to discuss creating a low-cost AI ecosystem. OpenAI's ChatGPT, launched in late 2022, has reached over 300 million weekly users but faces competition from DeepSeek's cost-effective AI solutions. Check out more of Benzinga's Consumer Tech coverage by following this link. Read Next: Google's Gemini AI Could Soon Include Ads -- Sundar Pichai Hints At Future Monetization Beyond Subscriptions Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock ORCLOracle Corp$167.35-0.32%Overview Rating:Good62.5%Technicals Analysis1000100Financials Analysis400100WatchlistOverviewSFTBYSoftBank Group Corp$31.54-%Market News and Data brought to you by Benzinga APIs