(Reuters) -OpenAI is in talks for an investment round to raise nearly $40 billion that would value the AI startup at up to $340 billion, the Wall Street Journal reported on Thursday.

OpenAI did not immediately respond to a Reuters request for comment on the report.

SoftBank could invest $15 billion to $25 billion directly into Microsoft-backed OpenAI, some of which may be used to pay for OpenAI’s commitment to Stargate, Reuters had reported on Wednesday, citing a person familiar with the matter.

Stargate, a joint venture by Oracle , OpenAI and SoftBank, plans to invest up to $500 billion to help the U.S. stay ahead of China and other rivals in the global AI race.

SoftBank’s investment would be on top of the $15 billion it has already committed to Stargate, the person had said, adding the talks are at an early stage.

OpenAI, the company behind ChatGPT, was valued at $157 billion in its last funding round, cementing its status as one of the most valuable private companies in the world.

(Reporting by Arsheeya Bajwa in Bengaluru and Juby Babu in Mexico City; Editing by Maju Samuel)