OpenAI is in talks with investment funds from the United Arab Emirates and BlackRock for a funding round of at least $30 billion, according to Bloomberg.

Reports say Abu Dhabi-based MGX is in discussions about forming a consortium of UAE funds that could invest up to $10 billion combined. BlackRock, the world's largest asset manager, is also weighing participation. OpenAI is seeking the capital at a valuation of about $1.4 trillion, which would make it one of the largest private financing deals in tech history.

The round would follow OpenAI's $122 billion fundraising in March, which valued the company at $852 billion. The company has pushed back plans for an initial public offering to next year as it focuses on AI development.

The talks underline the huge financial demands of building advanced AI, from computing infrastructure to data centres and chips. They also highlight the growing role of Middle Eastern sovereign funds in the global AI race. The negotiations are ongoing and the final terms could change.