OpenAI is reportedly close to securing another mega round of private funding, rather than proceeding with an IPO. The AI lab is working on raising up to $30 billion at a $1.25 trillion pre-money valuation in a round led by Coatue and investors in the UAE, sources told CNBC.

Previous Funding Attempts

This follows a similar report by Bloomberg a month ago, which indicated that OpenAI was aiming to raise $30 billion at a $1.4 trillion valuation. Terms are still being negotiated, and both outlets report that these figures could ultimately change.

Potential UAE Partnership

CNBC also reports that the funding from the UAE could be coupled with a deal to secure additional computing capacity for OpenAI from the region. OpenAI has declined to comment on these developments.