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World desk2 min

OpenAI Reportedly Seeks $30B Round With MGX and BlackRock in Talks

OpenAI’s reported $30 billion fundraising target, possible UAE fund participation and $1.4 trillion valuation remain under discussion, not finalized.
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OpenAI is reportedly discussing a fundraising round targeting at least $30 billion, with Abu Dhabi investment firm MGX among several UAE funds in talks to help anchor it and BlackRock also reportedly considering participation. The talks are not a completed deal: Bloomberg’s account says fundraising is ongoing and terms could change.

What is being discussed?

Bloomberg reported on October 5, 2026, that OpenAI was in talks with multiple UAE investment funds, including MGX, about helping anchor a $30 billion round. BlackRock was also reportedly in talks to participate. The report describes negotiations, not signed commitments or a completed financing. Bloomberg

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A separate October 7 report by Cinco Días, attributing details to Bloomberg, said OpenAI was seeking at least $30 billion and a valuation of about $1.4 trillion. Those are reported targets, not confirmed final terms.

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How do the reported figures fit together?

Figure What it describes Status in the reporting
$30 billion Target for the proposed OpenAI round Reported fundraising target; terms could change. Bloomberg, October 2026.
Up to $10 billion Potential collective contribution discussed by UAE funds Reported discussion amount, possibly through a syndicate—not committed capital. Bloomberg, October 2026.
About $1.4 trillion Valuation sought for the proposed round Reported by Cinco Días on October 7, attributing the figure to Bloomberg; not a confirmed transaction valuation.

The figures refer to different things: the $30 billion is the overall round target, while up to $10 billion is what UAE funds reportedly discussed contributing collectively. Neither figure establishes how much money will ultimately be raised or from whom.

What is known about MGX’s connection to OpenAI?

MGX has previously invested in OpenAI. In a February 27, 2026 board statement, MGX said it participated in OpenAI’s latest employee secondary and described that participation as its fourth follow-on investment in the company. MGX

That statement documents prior involvement; it does not confirm that MGX has committed to the newly reported round. MGX’s update also identifies MGX and BlackRock/GIP among leading participants in the AI Infrastructure Partnership. That is background on their infrastructure interests, not evidence that the proposed OpenAI financing is an AI Infrastructure Partnership transaction.

How does this compare with OpenAI’s earlier financing?

The proposed talks are separate from OpenAI’s February 2026 financing. The Associated Press reported that Amazon, SoftBank and Nvidia supplied $110 billion in funding at a $730 billion pre-money valuation. AP attributed comments about that financing and related partnerships to OpenAI CEO Sam Altman. Associated Press

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The February figures describe an earlier financing, not the terms of the reported October talks. They should not be added to the proposed $30 billion or treated as confirmation of its valuation.

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What remains unconfirmed?

  • Whether the reported round will close, and when.
  • Which investors will participate and whether any have made binding commitments.
  • The final amount raised and the valuation, if a transaction is completed.

The available reporting does not include a direct public confirmation of this particular round from OpenAI, MGX or BlackRock. For now, the accurate description is that talks were reported, with fundraising ongoing and terms unsettled.

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