02:20 PM EDT, 08/12/2025 (MT Newswires) -- Microsoft ( MSFT )-backed (MSFT) OpenAI and its cofounder, Sam Altman, are preparing to back Merge Labs, a new venture expected to compete with Neuralink, the Financial Times reported Tuesday, citing three people with direct knowledge of the plans.

The new company is raising new funds at a $850 million valuation, and a large amount of the new capital is expected to come from OpenAI's ventures team, the report said, citing the people.

OpenAI did not immediately reply to a request 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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