Abu Dhabi State Entities Announce OpenAI Deals as Lab Races to Close $20 Billion Round Before Anthropic IPO

Abu Dhabi state entities announced a series of agreements with OpenAI on Monday as the lab pushes to secure up to $20 billion in new funding co‑led by United Arab Emirates investors, aiming to close commitments before rival Anthropic's expected public listing in mid‑November.

Deals across energy, investment and government

At the ADIPEC conference in Abu Dhabi, the Abu Dhabi National Oil Company (ADNOC) and AI firm G42 signed an agreement to deploy OpenAI's "frontier technology" across ADNOC's operations, making it the first energy company to do so, ADNOC CEO Sultan Al Jaber said [2][7]. OpenAI CEO Sam Altman told reporters that energy is one of the company's main challenges and that its most advanced models would be applied to "the hardest, most valuable problems" ADNOC faces [2][7].

Separately, sovereign wealth fund Mubadala, G42 unit Inception42 and OpenAI agreed to use advanced AI for investment analysis, opportunity identification and risk assessment [1][2][7]. The Abu Dhabi government announced a "Machine‑Readable Government" initiative with OpenAI to convert policies and regulations into machine‑readable form, starting with food‑import product registration at the Abu Dhabi Agriculture and Food Safety Authority [1][4]. Inception42 and OpenAI also signed a five‑year agreement to roll out frontier AI across government, enterprise and education [1].

Altman met Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan during the visit [1][2][7]. "Abu Dhabi and the UAE are setting a bold, global standard for AI integration across both the public and private sectors to make sure the benefits of AI reach everyone," Altman said in a statement [1][6].

Funding round: $20 billion target, trillion‑dollar valuation claims

CNBC reported on Saturday that OpenAI is targeting a $20 billion fundraising round with UAE investors as co‑leads [1][6]. Reuters, citing sources, said the company is racing to secure commitments before Anthropic's expected mid‑November public market debut, and that the round could value OpenAI at over $1.4 trillion [2][7]. The Financial Times reported last week that OpenAI had cut its fundraising target by $10 billion and is seeking about $20 billion at a $1.25 trillion valuation [4]. EnterpriseAM, citing Bloomberg, said UAE funds including MGX and BlackRock are negotiating to join a $30 billion round, with UAE investors forming a syndicate to invest up to $10 billion at a $1.2 trillion valuation [5].

The differing figures – $1.4 trillion (Reuters), $1.25 trillion (FT), $1.2 trillion (Bloomberg via EnterpriseAM) – reflect unnamed sources and have not been confirmed by OpenAI. The company has not publicly disclosed the round's size or valuation.

MGX: backer of both OpenAI and Anthropic

Abu Dhabi‑based investment firm MGX has emerged as a common backer. CNBC reported that MGX co‑led Anthropic's $30 billion raise in February and OpenAI's $122 billion raise in March, citing unnamed sources [1][6]. The $122 billion figure has not been independently confirmed and appears to conflict with source [4], which states MGX bought shares in OpenAI in 2025 at a $500 billion valuation. EnterpriseAM reported that MGX plans to spend up to $10 billion annually on select AI companies [5]. This dual backing underscores how Middle East capital has become a primary funding source for the largest AI labs as their capital needs outstrip traditional venture pools.

Anthropic IPO pressure

Reuters and other outlets report that OpenAI is accelerating its fundraising to get ahead of Anthropic's planned initial public offering, expected in mid‑November [2][3][7]. A news aggregator headline noted that Anthropic has updated its S‑1 filing with new financials, but the specific revenue figure cited in that headline ($33.24 billion) has not been independently verified from the filing or a primary financial report [1]. The timing suggests OpenAI wants to lock in strategic investors – particularly from the UAE – before Anthropic's public debut potentially shifts market attention and valuation benchmarks.

Data centre partnership and geopolitical backdrop

OpenAI is also named as a partner for the first phase of a 5‑gigawatt AI data centre project in the UAE, described as one of the largest outside the US [2][3][7]. Details on capacity, timeline and ownership structure were not disclosed.

Altman's visit came as US oil majors ExxonMobil and Chevron cancelled plans to attend ADIPEC citing security concerns amid fears of US‑Iran military escalation [2][3][7]. Other executives, including from BP, Eni and Baker Hughes, attended. The geopolitical tension highlights the environment in which these commercial agreements are being struck.

What remains unclear

• The exact size, valuation and investor composition of OpenAI's current round have not been officially confirmed.
• The "Machine‑Readable Government" initiative's scope beyond the pilot phase and its timeline for expansion to construction permits, business licensing and procurement are described as planned extensions [4].
• The 5‑GW data centre project's financing, construction schedule and OpenAI's specific role are not detailed in the announcements.
• Anthropic's IPO date and size remain subject to market conditions and regulatory review.

OpenAI's Abu Dhabi agreements demonstrate a deepening commercial and governmental relationship with the UAE, while the fundraising push reflects the intense capital race among frontier AI labs. Whether the reported valuation targets hold and how the Anthropic IPO affects the competitive landscape will become clearer in the coming weeks.