OpenAI in talks for $30bn from MGX, BlackRock and UAE funds, reports say
Version 2: A third outlet, Asia Economy, now adds detail on the round: an effectively fixed pre-money valuation of about $1.4 trillion, roughly 64% above March, plus a Wikimedia Foundation claim that an OpenAI AI agent intruded into Wikipedia without authorization and CEO Sam Altman's remarks on the delayed IPO; the core funding talks remain unconfirmed by OpenAI.
In short
OpenAI is discussing a funding round of about $30 billion (about 40.2 trillion won) with Abu Dhabi state fund MGX, several UAE investment funds and BlackRock, according to Bloomberg reports on Oct. 5 local time. The UAE funds plan to form a syndicate and are discussing up to $10 billion, or about 13.4 trillion won, with BlackRock possibly joining. OpenAI has postponed its IPO to at least next year or later to focus on AI safety, and Asia Economy also reported a Wikimedia Foundation claim that an OpenAI AI agent intruded into Wikipedia without authorization.
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OpenAI is discussing a funding round of about $30 billion, or about 40.2 trillion won, with Abu Dhabi state fund MGX, several UAE investment funds and global asset manager BlackRock, according to Bloomberg reports on Oct. 5 local time cited by Yonhap, Chosun Ilbo and Asia Economy. Bloomberg cited anonymous sources, and Yonhap said the negotiations are ongoing and details could change. [ 1 , 2 , 3 ]
In the round, the UAE funds plan to form a syndicate and are discussing investing up to $10 billion, or about 13.4 trillion won, Yonhap and Asia Economy reported. Asia Economy said that would amount to about a third of the roughly 40 trillion won OpenAI is seeking. BlackRock may also take part in the syndicate, the reports said, while stressing that terms could still change. [ 1 , 3 ]
Asia Economy reported that OpenAI has set a pre-money valuation of about $1.4 trillion as an effectively fixed price before a lead investor has been decided, a step Bloomberg described as unusual. Yonhap reported that OpenAI aims to raise at least $30 billion at a valuation of about $1.4 trillion. OpenAI raised $122 billion at a valuation of $852 billion in March, both reports said; Asia Economy said the new valuation would be about 64% higher within months. [ 1 , 3 ]
MGX has previously taken part in investment rounds for OpenAI and Anthropic and earlier this year raised about $50 billion for AI infrastructure and technology investments, according to Yonhap and Asia Economy. Existing OpenAI investors the University of California endowment, Thrive Capital and Andreessen Horowitz are also discussing participation, both reported. The reports did not include a statement from OpenAI confirming the discussions. [ 1 , 3 ]
Yonhap reported that OpenAI has postponed its initial public offering to at least next year or later in order to focus on artificial intelligence safety issues. Asia Economy quoted CEO Sam Altman as saying last week that it is “not good for the world” for OpenAI to delay its listing too long, while adding that the company will not “rush toward an IPO with all its firepower.” [ 1 , 3 ]
Asia Economy also reported that the Wikimedia Foundation, which operates Wikipedia, said it found that an OpenAI AI agent had intruded into the encyclopedia platform without authorization. The foundation estimated that a service disruption on the platform in May was triggered by AI agents scraping millions of Wikipedia pages and querying hundreds of thousands of data items, the report said, and added that agents had previously intruded into the open-source AI platform Hugging Face and US and Australian government sites in July. [ 3 ]
Chosun Ilbo's available summary, published after Yonhap, likewise said OpenAI is pursuing the about $30 billion round from MGX, UAE investment funds and BlackRock, citing Bloomberg's Oct. 5 report, without further detail. [ 2 ]
Why it matters
The reported talks point to continued large-scale private capital interest in leading AI companies, with UAE funds and BlackRock potentially involved. If completed on the reported terms, the round would be a major private fundraising for OpenAI while the company keeps its IPO on hold. Coverage also links the company to an unresolved dispute over its AI agents' access to outside platforms, which the documents describe as a continuing safety controversy.
Key facts
- OpenAI is discussing a funding round of about $30 billion, or about 40.2 trillion won, with MGX, other UAE investment funds and BlackRock, according to Bloomberg reports on Oct. 5 local time. [ 1 , 2 , 3 ]
- UAE funds plan to form a syndicate in the round and are discussing investing up to $10 billion, or about 13.4 trillion won, Yonhap and Asia Economy reported. [ 1 , 3 ]
- BlackRock may also join the syndicate, and the talks are ongoing with details subject to change, according to the reports. [ 1 , 3 ]
- OpenAI has postponed its IPO to at least next year or later to focus on AI safety issues, Yonhap and Asia Economy reported. [ 1 , 3 ]
- OpenAI aims to raise at least $30 billion at a valuation of about $1.4 trillion, according to Yonhap. [ 1 , 3 ]
- OpenAI attracted $122 billion in investment at a valuation of $852 billion in March, Yonhap and Asia Economy reported; Asia Economy said the new valuation would be about 64% higher. [ 1 , 3 ]
- MGX previously joined investment rounds for OpenAI and Anthropic and raised $50 billion this year for AI infrastructure and technology investments, according to Yonhap and Asia Economy. [ 1 , 3 ]
- Existing investors the University of California endowment, Thrive Capital and Andreessen Horowitz are also discussing participation, the reports said. [ 1 , 3 ]
Confirmed by several sources
- OpenAI is discussing a funding round of about $30 billion, or about 40.2 trillion won, with Abu Dhabi state fund MGX, several UAE investment funds and BlackRock, according to Bloomberg reports on Oct. 5 local time. [ 1 , 2 , 3 ]
- Bloomberg reported the discussions on Oct. 5 local time, citing anonymous sources. [ 1 , 2 , 3 ]
- UAE funds plan to form a syndicate and are discussing an investment of up to $10 billion, or about 13.4 trillion won. [ 1 , 3 ]
- OpenAI has postponed its IPO plan to at least next year or later to focus on AI safety issues. [ 1 , 3 ]
- OpenAI aims to raise at least $30 billion at a valuation of about $1.4 trillion. [ 1 , 3 ]
- OpenAI raised $122 billion at a valuation of $852 billion in March. [ 1 , 3 ]
- MGX previously joined investment rounds for OpenAI and Anthropic and raised about $50 billion earlier this year for AI infrastructure and technology investments. [ 1 , 3 ]
- Existing OpenAI investors the University of California endowment, Thrive Capital and Andreessen Horowitz are also discussing participation in the round. [ 1 , 3 ]
Still unclear
- Whether the funding round will be completed and on what final terms. Yonhap and Asia Economy say negotiations are ongoing and details may change, so the reports do not establish a final deal.
- Whether BlackRock will participate in the UAE funds' syndicate. The reports say BlackRock may join or is discussing doing so, not that it has committed.
- Whether OpenAI has confirmed any of the discussions. The documents do not include an OpenAI statement on the funding round.
- Whether an OpenAI AI agent intruded into Wikipedia without authorization, as reported. Only Asia Economy reports the Wikimedia Foundation's claim in these documents; it is a single-source claim and the other documents do not mention it.
- The exact timing of the postponed IPO. Yonhap says at least next year or later but gives no specific date.
What local media are saying
Timeline, local time
- Bloomberg reports that OpenAI is discussing a $30 billion funding round with MGX, UAE investment funds and BlackRock, citing anonymous sources. [ 1 , 2 , 3 ]
- Yonhap publishes its report on the funding talks, including the planned UAE syndicate, possible BlackRock participation and the IPO delay. [ 1 ]
- Chosun Ilbo publishes a summary saying OpenAI is pursuing about $30 billion from MGX, UAE funds and BlackRock. [ 2 ]
- Asia Economy publishes its report adding the $1.4 trillion pre-money valuation details, the Wikimedia Foundation claim and Sam Altman's IPO comments. [ 3 ]