OpenAI is closing in on a new funding round with UAE investors

OpenAI is closing in on a new funding round of up to $30 billion. The company's pre-money valuation sits at $1.25 trillion, CNBC reports. Investors from the United Arab Emirates and investment firm Coatue are leading the round. The funding is being positioned as a bridge ahead of a potential IPO. OpenAI is also negotiating a commercial deal to secure additional compute capacity through the UAE, according to CNBC. The company confidentially filed an IPO prospectus with the SEC in June. CFO Sarah Friar told employees in August that OpenAI would be a publicly traded company by 2027. CEO Sam Altman said in September, though, that the timing was unfavorable for going public. He had already communicated that internally back in June.