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Investing.com -- OpenAI is in discussions with Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries (NSE:RELI), and existing investor United Arab Emirates’ MGX about its $40 billion financing round, according to a report from The Information on Wednesday.
Each investor could contribute at least hundreds of millions of dollars to the fundraising effort, which is being led by SoftBank (TYO:9984), the report said.
The Microsoft-backed artificial intelligence company is seeking additional capital to support its model development and ambitious infrastructure initiative called Stargate.
OpenAI has also reportedly discussed raising at least $100 million each from investment firms Coatue and Founders Fund as part of the current fundraising effort. The company expects to raise an additional $17 billion in 2027, according to The Information.
Earlier this year, OpenAI CEO Sam Altman met with India’s IT Minister to discuss India’s plans for creating a low-cost AI ecosystem. Following that meeting, Altman planned to visit the UAE to discuss fundraising with Abu Dhabi investment group MGX.
MGX is already an existing shareholder in the ChatGPT maker, which has been rapidly expanding its AI capabilities and infrastructure needs.
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