OpenAI is closing in on a deal that will value the company at more than $100 billion. This round of funding is expected to be led by Thrive Capital, which will invest about $1 billion. Bloomberg reports, citing informed sources.

According to them, OpenAI CFO Sarah Friar told employees in a memo that the company was looking for new capital. In the memo, she also indicated that the funding would be used to meet computing capacity needs and other operating expenses.

People familiar with the situation have previously reported that OpenAI is in preliminary talks to raise at least $100 billion in funding from at least December 2023.

As a reminder, OpenAI attracted public attention with its easy-to-use ChatGPT chatbot. OpenAI’s success has also triggered an arms race between large tech companies that integrate AI technology into their products and fund other promising startups.