03:03 PM EDT, 09/20/2024 (MT Newswires) -- Microsoft ( MSFT )-backed (MSFT) OpenAI is nearing completion of an oversubscribed $6.5 billion funding round, Bloomberg reported Thursday, citing people familiar with the matter.

Thrive Capital is leading the funding round at $1.25 billion with participation expected from Microsoft ( MSFT ) and new investors Nvidia ( NVDA ) , and Apple ( AAPL ) , Bloomberg said. Some final details are expected Friday, the report said.

OpenAI declined to comment, Bloomberg said.

The deal is set to value OpenAI at $150 billion, up from $86 billion in a prior round, Bloomberg said.

Current investor Sequoia Capital isn't participating in the latest round due to its recent backing of rival AI startup Safe Superintelligence, Bloomberg said.

OpenAI, Microsoft ( MSFT ), Nvidia ( NVDA ), Apple ( AAPL ), Thrive Capital and Sequoia didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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