OpenAI is seeking to raise up to $40 billion in new funding at a valuation of $340 billion, the Wall Street Journal reported today.

SoftBank has offered a term sheet that would value OpenAI at a pre-money valuation, meaning the valuation without the funding of the current round, at $260 billion.

SoftBank Group Corp. is in discussions to invest as much as $25 billion in OpenAI in a move that would potentially make it the AI startup’s biggest backer, the Financial Times reported.