Numerous UAE funds and BlackRock are reportedly in talks to participate in OpenAI's latest $30 billion funding round

A number of UAE investment funds, including MGX, are in talks with OpenAI to potentially participate in the AI giant's latest $30 billion funding round, people familiar with the matter said.

The funds will form a consortium to participate in the OpenAI round, one of the people said.

The UAE funds are discussing a total investment of up to $10 billion, another person said.

BlackRock is also in talks to participate in the funding round, people familiar with the matter said.

Financing is still ongoing and terms are subject to change.

According to previous media reports, OpenAI seeks financing of at least $30 billion, with a pre-investment valuation expected to reach about $1.4 trillion.

The company has pushed back its IPO plans until at least next year, citing a focus on AI security.

OpenAI's most recent funding was in March, when it raised $122 billion at a post-investment valuation of $852 billion.