OpenAI is nearing a funding round that could value the AI company at US$1.25 trillion, excluding new capital raised, ahead of a possible initial public offering, people familiar with the deal said.

The company is seeking up to US$30 billion, with investors from the United Arab Emirates and Coatue leading the round.

OpenAI is also negotiating a separate commercial deal for more computing capacity from the UAE, the people said.

The proposed round would follow OpenAI’s US$122 billion financing.

The reported valuation would be higher than those in a September 23 ranking of private companies.

OpenAI confidentially filed for an initial public offering in June but has not disclosed a listing date.

Its nonprofit parent controls the for-profit business.

The UAE computing talks follow the announced Stargate UAE project, though the report did not establish a connection.

Microsoft and OpenAI have also changed terms of their partnership.

🔗 Source: CNBC

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