Microsoft-backed OpenAI is nearing a deal to raise approximately $10 billion from venture investors.
The new capital brings the total for the current investment round to about $120 billion.
The deal values the company at $730 billion before including the new funding.
Expected participants include Abu Dhabi’s MGX, Coatue Management, Thrive Capital, and Altimeter Capital.
OpenAI will use the funds to accelerate research and development as competition in the artificial intelligence sector intensifies.