OpenAI is in talks with sovereign wealth funds in the Middle East to try to secure investments for a new multibillion dollar funding round, CNBC confirmed on Wednesday.

The round is expected to total around $50 billion, but the numbers could change and term sheets have not been signed, according to a source familiar with the discussions who asked not to be named because the details are confidential. Bloomberg was first to report the discussions.

OpenAI CEO Sam Altman is in the United Arab Emirates to participate in the investment talks, the person said. The round is expected to close in the first quarter of the year.

OpenAI kickstarted the AI boom by launching its artificial intelligence chatbot ChatGPT in 2022, and has since become one of the fastest growing commercial entities on the planet. The company has raised billions of dollars from investors as it’s worked to scale and develop new models and roll out new features.

Last year, OpenAI closed a $40 billion financing round led by SoftBank, the largest private tech funding on record. The round included participation from core investor Microsoft, as well as Coatue, Altimeter and Thrive.

OpenAI also finalized a $6.6 billion share sale in October that boosted its valuation to $500 billion.

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