Abu Dhabi-based technology investor MGX has purchased shares in ChatGPT creator OpenAI through a USD 6.6 billion secondary transaction, valuing the US company at USD 500 billion.
Current and former OpenAI employees sold stakes to investors including Thrive Capital, SoftBank, Dragoneer Investment Group, T Rowe Price, and MGX, according to Reuters, which cited unnamed sources.
OpenAI had approved more than USD 10 billion worth of stock sales on the secondary market. The investors mentioned declined to immediately comment on the matter.
This deal comes after a funding round in October 2024 that valued OpenAI at around USD 157 billion, in which MGX had also taken part.
MGX, founded in March 2024 by Mubadala and artificial intelligence company G42, invests in AI infrastructure, semiconductors, and other foundational technologies.
According to Reuters, OpenAI CEO Sam Altman had scheduled a fundraising trip to Abu Dhabi in February to meet MGX. Last week, Altman also met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.
