OpenAI CEO Sam Altman is currently in the United Arab Emirates as the artificial intelligence company turns to the Middle East to raise a massive new funding round that could total $50 billion or more, according to reports by Bloomberg and CNBC. Altman is said to be meeting with leading regional investors, including state-backed funds in Abu Dhabi, as OpenAI explores fresh capital to support its rapidly expanding AI ambitions.
Bloomberg reported that OpenAI is seeking funding at a valuation ranging between $750 billion and $830 billion, though discussions remain at an early stage and the final figures could change. CNBC noted that the funding round could close as early as the first quarter of the year. Separately, OpenAI has also reportedly held talks with Amazon regarding a potential $10 billion investment, while earlier reporting by The Information suggested the company was aiming to raise tens of billions of dollars at a similar valuation.
The San Francisco-based AI startup has previously secured backing from the Middle East, having raised funds from Abu Dhabi-based tech investment firm MGX and partnered with G42 to build a large-scale data center in the UAE. OpenAI’s competitors, including Anthropic and Elon Musk-led xAI, have also tapped Middle Eastern investors in recent years as the capital demands of advanced AI development continue to rise.
Despite its market leadership, OpenAI is not currently profitable and has been losing billions of dollars annually. The company has committed to spending an estimated $1.4 trillion on AI infrastructure in the coming years—far exceeding its current financial resources. In 2024, OpenAI closed a $40 billion funding round led by SoftBank, valuing the company at $300 billion, the largest private tech funding round on record. Investors in that round included Microsoft, Blackstone, Sequoia Capital, Andreessen Horowitz, Thrive Capital, and Fidelity.
A few months later, OpenAI finalized a $6.6 billion secondary share sale, valuing the company at $500 billion. Meanwhile, rival AI firm Anthropic, founded by former OpenAI employees, is reportedly seeking fresh funding at a valuation of $350 billion, according to Bloomberg.
As competition intensifies from players such as Google’s Gemini, Anthropic, and xAI, AI companies are increasingly reliant on large-scale investments to fund computing infrastructure and model development. While OpenAI remains the leading consumer AI platform since the launch of ChatGPT in late 2022, recent SimilarWeb data indicates the company has begun losing some ground to competitors, particularly Google’s Gemini.
