OpenAI's Global Ambitions: $40 Billion Fundraising Drive
OpenAI has engaged major investors, including Saudi's PIF and India's Reliance Industries, as it seeks to raise $40 billion to support its ambitious AI development and infrastructure plans. The fundraising, led by SoftBank, involves hundreds of millions in investment from each prospective investor.
OpenAI, renowned for its AI advancements, has reportedly engaged in discussions with Saudi's Public Investment Fund (PIF), Reliance Industries of India, and existing stakeholder, United Arab Emirates' MGX, as part of a massive $40 billion fundraising effort. The Information revealed these talks on Wednesday, highlighting OpenAI's aim to bolster its model development and ambitious infrastructure project known as Stargate.
Sources indicate that each of these investors could contribute hundreds of millions of dollars to the initiative. Leading the financing push is SoftBank, underscoring the global interest in OpenAI's ongoing projects. Earlier this year, OpenAI's CEO Sam Altman met with India's IT Minister to discuss the creation of a cost-effective AI ecosystem in India, while also planning to engage with Abu Dhabi's MGX for funding opportunities.
The Microsoft-backed startup is also in discussions to secure at least $100 million from Coatue and Founders Fund as part of this fundraising round. Furthermore, additional financial support amounting to $17 billion is expected by 2027. Despite the wide-reaching financial plans, OpenAI, alongside PIF, Reliance Industries, MGX, and SoftBank, have yet to provide immediate comment as per Reuters.
(With inputs from agencies.)
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