Team Startupcity

·  OpenAI targets $40B funding from Reliance, Saudi PIF, and UAE's MGX for AI model and infrastructure expansion.

·  Stargate project, backed by SoftBank, to receive major backing as part of OpenAI’s global AI ambitions.

·  India, UAE, Saudi Arabia emerge as key partners in building a next-gen, low-cost global AI ecosystem.

OpenAI, ChatGPT's parent company, is said to be in final discussions to raise $40 billion in funds from international investors such as Saudi Arabia's Public Investment Fund (PIF), India's Reliance Industries, and UAE-based MGX, The Information reports.

The round of funding will be used to fuel the next-generation AI models of OpenAI and its ambitious Stargate infrastructure project, led by SoftBank. Sources close to the subject indicated that all of the investors are likely to provide hundreds of millions of dollars for the round.

OpenAI CEO Sam Altman had earlier met with India’s IT Minister to explore collaboration on a low-cost AI ecosystem, signaling strong interest in Indian participation. He also held discussions in the UAE with Abu Dhabi’s MGX to further advance the fundraising initiative.

The report continues to mention that OpenAI is in independent talks to raise at least $100 million from investors such as Founders Fund and Coatue, with the ultimate aim to raise another $17 billion by 2027 to fund its ongoing AI research and infrastructure expansion.