OpenAI is reportedly in talks to raise a new funding round that could value the artificial intelligence startup at over $100 billion. Thrive Capital is leading the round, with plans to invest $1 billion, according to a source familiar with the matter who requested anonymity due to the sensitive nature of the negotiations.

Earlier this year, OpenAI was valued at approximately $80 billion, a significant jump from its $29 billion valuation in 2022. The company’s rapid growth has been fueled by the success of its ChatGPT chatbot, launched in late 2022, as well as its expanding portfolio of AI products, including AI-generated images and videos. OpenAI’s annualized revenue reportedly surpassed $2 billion earlier this year.

Microsoft, OpenAI’s largest investor, is also expected to participate in the funding round, though the tech giant declined to comment on the ongoing discussions. The Wall Street Journal was the first to report on the funding talks.

This news comes shortly after OpenAI announced the upcoming launch of a prototype search engine, SearchGPT. The tool, designed to provide users with fast and accurate answers along with clear and relevant sources, is currently being tested by a select group of users. OpenAI plans to eventually integrate SearchGPT into its ChatGPT platform.

The introduction of SearchGPT could pose a challenge to Google’s dominant position in the search engine market. Since the launch of ChatGPT, Alphabet investors have expressed concerns that OpenAI’s innovative approach to search could capture market share from Google by offering consumers a more natural and intuitive way to find information online.

OpenAI CEO Sam Altman expressed confidence in the potential of SearchGPT, stating, “We think there is room to make search much better than it is today.” An OpenAI spokesperson declined to comment further on the matter.