OpenAI eyes $40 billion fundraise from Reliance, Saudi Arabia's PIF, MGX as India leads ChatGPT surge

OpenAI is reportedly in discussions with Reliance Industries Ltd. (RIL), Saudi Arabia’s Public Investment Fund (PIF), and UAE-based investor MGX as part of its ongoing $40 billion fundraising effort, according to a report by The Information. Each of these investors could contribute hundreds of millions of dollars to the round.

The financing is reportedly being led by SoftBank and aims to support OpenAI’s ambitious model development and infrastructure project, codenamed Stargate, a $500 billion venture announced in January this year to foster AI infrastructure in the U.S.

OpenAI is reportedly also in talks with Coatue and Founders Fund to raise at least $100 million each, the report stated. The Microsoft-backed firm is planning to secure an additional $17 billion in 2027. The report also revealed that the ChatGPT parent's lead investor SoftBank has also been buying employee shares.

In March, OpenAI announced a $40 billion fundraise at a $300 billion valuation to scale AI research, infrastructure, and tools for 500 million weekly ChatGPT users. Backed by SoftBank, the effort aims to drive innovation and progress toward beneficial AGI.

OpenAI and India: The story so far

As India becomes ChatGPT’s fastest-growing market, OpenAI’s Sam Altman, who once suggested the incapability for developing countries like India to catch up in the AI race, is now doubling down on initiatives in the country.

Internet analyst Mary Meeker in her 2025 AI Trends report noted that India leads global ChatGPT usage at 13.5%, followed by the U.S. at 9%, with Indonesia and Brazil each accounting for 5%.

The ChatGPT parent launched the OpenAI Academy India in partnership with the Ministry of Electronics and Information Technology on June 5, its first overseas educational initiative. The program supports the IndiaAI Mission’s “FutureSkills” pillar and is designed to broaden access to AI training across a diverse range of stakeholders including students, educators, civil servants, developers, nonprofit leaders, and small business owners.

Furthering its commitment to inclusive AI development, OpenAI also awarded a new round of API credit grants to 11 Indian non-profits. These include organisations like Rocket Learning, Noora Health, and Udhyam, which are building generative AI tools for underserved communities.

According to Jason Kwon, OpenAI’s Chief Strategy Officer, India ranks among the top 10 nations globally for developers building on OpenAI’s APIs.

In February, OpenAI CEO Sam Altman made a brief visit to India to meet Union IT Minister Ashwini Vaishnaw, discussing the country’s ambitions to build a low-cost AI ecosystem. The visit also included a closed-door panel, where Altman addressed his 2023 comments on India’s capacity to develop affordable large language models (LLMs) — remarks that had gone viral after DeepSeek created a generative AI model without advanced Nvidia chips or a large team. He clarified that his earlier statements were taken out of context, stressing the recent advances in AI distillation. Following his India trip, Altman was also scheduled to travel to the UAE for funding discussions with Abu Dhabi-based investor MGX, according to Reuters.