OpenAI is reportedly in advanced talks with several global investors—including the UAE’s MGX, Saudi Arabia’s Public Investment Fund (PIF), and India’s Reliance Industries—as it looks to raise $40 billion in a new funding round. The raise would value the Microsoft-backed AI firm at an estimated $300 billion, according to The Information.

Although OpenAI, MGX, PIF, Reliance, and SoftBank have not officially commented, the round is said to be led by Japan’s SoftBank Group. The report also noted that OpenAI has approached Coatue Management and Founders Fund, seeking at least $100 million from each as part of the raise.

The move follows CEO Sam Altman’s global outreach earlier this year, including meetings with India’s IT Minister to discuss building a low-cost AI ecosystem. Sources told Reuters that Altman also planned to visit the UAE to advance funding discussions with MGX, one of OpenAI’s existing investors.

On March 31, OpenAI formally announced its $40 billion funding push, aimed at advancing AI research, expanding compute infrastructure, and delivering more powerful tools for ChatGPT’s 500 million weekly users.

“We’re excited to be working in partnership with SoftBank Group – few companies understand how to scale transformative technology like they do,” the company said in a statement. “Their support will help us continue building AI systems that drive scientific discovery, enable personalized education, enhance human creativity, and pave the way toward AGI that benefits all of humanity.”

The new funding ambitions come amid reports that OpenAI has more than doubled its annualized recurring revenue to $10 billion, up from $5.5 billion in December 2023, according to CNBC.