OpenAI's Next Round Is Reportedly $30 Billion at a $1.4 Trillion Valuation — and Abu Dhabi's MGX Wants In for $10 Billion

A Trillion-Dollar Number That Keeps Moving

OpenAI is reportedly back at the fundraising table, and this time the number attached to it is hard to even say out loud: a valuation of roughly $1.4 trillion, built around a new raise of at least $30 billion. According to Bloomberg, which cited people familiar with the discussions, the talks are still at an early stage and the terms — including that headline figure — could still change before anything is finalized.

It's worth saying plainly: this is not confirmed. OpenAI has not announced a new round, and the reported valuation has already moved once in the retelling — some earlier reports pegged the number closer to $1.2 trillion before the $1.4 trillion figure started circulating. That alone is a useful reminder of how fluid these pre-deal numbers are before a lead investor is locked in and papers are signed.

What's Reportedly on the Table

According to the Bloomberg report and outlets citing it, the structure being discussed looks like this:

• OpenAI is said to be offering investors a fixed pre-money price of around $1.4 trillion, despite reportedly not yet having chosen a lead investor for the round — an unusual sequencing if accurate, since lead investors typically help set the price.
• The capital raised would reportedly sit on top of that valuation, rather than being counted inside it.
• The round is widely described as a bridge ahead of OpenAI's eventual public listing, after CEO Sam Altman reiterated there will be no IPO in 2026, citing AI safety concerns among the reasons for the delay.

For context on scale: OpenAI's last major round closed in March at $122 billion in committed capital, valuing the company at $852 billion post-money. Amazon put in $50 billion of that round, with Nvidia and SoftBank each contributing $30 billion. If the new figures hold up, OpenAI's valuation would have climbed by more than half a trillion dollars in roughly seven months — an extraordinary pace even by AI-boom standards, and one reason some observers are treating the number with caution until it's actually signed.

The Gulf Is Reportedly Writing a Very Large Check

The part of this story with the clearest UAE angle: according to reporting on the talks, UAE investment funds — including Abu Dhabi's MGX — are said to be considering a collective investment of as much as $10 billion in this round. That would be one of the largest single-country commitments reported in connection with the raise.

MGX is not a new name in OpenAI's cap table. The Abu Dhabi-based firm, launched in 2024 through a partnership between Mubadala Investment Company and G42, with Sheikh Tahnoon bin Zayed Al Nahyan as chairman, has steadily built a position in OpenAI over the past two years — from early talks around OpenAI's chip ambitions in 2024, to reportedly co-leading pieces of the $122 billion round earlier this year. Khaleej Times has separately reported that MGX raised roughly $49 billion (about Dh180 billion) for its first fund, with OpenAI named among its portfolio holdings. A $10 billion ticket in a new round, if it materializes, would mark a significant deepening of that bet rather than a first move.

Other reported names circling the round include BlackRock, which is said to be in talks to join, alongside existing backers like Thrive Capital and Andreessen Horowitz expressing interest in increasing their stakes. The University of California's endowment, already an OpenAI investor, has also reportedly discussed participating.

Why the Hedging Matters Here

Every figure in this story — the $30 billion raise size, the $1.4 trillion valuation, the $10 billion MGX number — comes from people familiar with private talks, relayed through reporters, before any term sheet is public. None of it is OpenAI's own statement, and Bloomberg itself frames the talks as early-stage. That's exactly the kind of story worth covering with a rumor label rather than a headline presented as fact: the direction (OpenAI raising more money, at a dramatically higher valuation, with Gulf capital playing a large role) seems well-sourced across multiple outlets, but the specific numbers are the part most likely to shift before anything closes.

Worth noting too: OpenAI's annualized revenue run rate was reported by Reuters in late September to be approaching $70 billion, which is the kind of growth figure that would help explain why investors are willing to entertain a trillion-dollar-plus price tag even without an IPO on the horizon. Still, revenue growth and a durable path to profitability at that scale are two different questions, and neither is resolved by a funding round alone.

What to Watch

If this round does close roughly as reported, it would cement OpenAI as easily the most valuable private company in history, dwarf the market caps of most publicly traded tech firms outright, and put the UAE — via MGX — among its most significant financial backers at a scale rarely seen from a Gulf sovereign-linked fund in a single AI company. None of that is locked in yet. Until OpenAI or a named investor confirms specifics, treat the $1.4 trillion figure — and the $10 billion UAE number alongside it — as exactly what it currently is: a well-sourced but unconfirmed number from people close to early talks, not a signed deal.