OpenAI is recalibrating its fundraising ambitions while deepening ties with investors and chipmakers in the Middle East and Asia, as CEO Sam Altman works to secure both capital and critical infrastructure for the company's AI expansion.
According to a Financial Times report, the ChatGPT developer is now seeking approximately $20 billion in new funding at a valuation near $1.25 trillion. This marks a reduction from an earlier plan to raise $30 billion at a $1.4 trillion valuation, reflecting growing investor caution over the scale of AI-related spending.
UAE investors expected to anchor funding round
A consortium of UAE investors, including Abu Dhabi-backed AI investment fund MGX, is expected to be the largest participant in the round, the report said. Venture capital firms such as Coatue, Sequoia Capital, Founders Fund, Andreessen Horowitz, and SoftBank are also anticipated to join.
However, the initial close may fall short of the $20 billion target, as some investors have reportedly trimmed their commitments. OpenAI is also considering a separate offering to wealthy individuals to help close the gap.
The fundraising push comes as OpenAI seeks to secure capital ahead of rival Anthropic's expected public listing later this month. Both companies are vying for investor attention at a time when technology stocks face renewed pressure over the cost and profitability of AI infrastructure investments.
OpenAI signs new UAE agreements
Altman's latest visit to the UAE resulted in expanded commercial partnerships across multiple sectors. After meeting Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan at the ADIPEC energy conference, OpenAI announced four agreements involving government, energy, and investment entities.
One key agreement involves Abu Dhabi National Oil Company (ADNOC), which will deploy OpenAI's advanced AI technology across its operations. The partnership, which includes UAE technology company G42, aims to improve decision-making in production, processing, refining, logistics, and commercial activities.
OpenAI also signed agreements with Abu Dhabi government entities and investment firm Mubadala to expand AI use in public services, investment analysis, and risk assessment. A separate five-year deal with G42 subsidiary Inception42 will support AI adoption in government, enterprise, and education.
The UAE is also developing a major AI data center project with a planned capacity of 5 gigawatts, in which OpenAI is a partner. This expanding relationship gives the company access to regional infrastructure and potential computing capacity alongside its fundraising efforts.
Altman courts Samsung and SK
Separately, Altman made an unannounced visit to South Korea over the weekend, meeting around 50 Samsung executives in Yongin and holding discussions with SK Group Chairman Chey Tae-won and executives from SK hynix and SK Telecom. The meetings reportedly focused on AI applications, semiconductor supply, and potential cooperation in data center development.
Securing high-bandwidth memory (HBM) is becoming increasingly important as OpenAI expands its computing infrastructure. Samsung has said its HBM supply for 2027 is already sold out, while SK hynix has indicated that production through 2029 is effectively accounted for, including volumes under customer negotiations.
No new formal agreements were announced following Altman's meetings, but the discussions highlight OpenAI's growing need to secure long-term chip supplies as it expands its AI infrastructure and prepares for a potential public listing in 2027.
This article is for informational purposes only and does not constitute financial advice.
