Microsoft is in talks to invest $10 billion in OpenAI, owner of ChatGPT, which would give this San Francisco-based company a valuation of $29 billion, writes Reuters.

OpenAI was founded by Tesla CEO Ilon Musk and investor Sam Altman. The company created the ChatGPT chatbot and made it available for free public testing on Nov. 30.

OpenAI is in talks to sell existing shares at a valuation of about $29 billion, and venture capital firms such as Thrive Capital and Founders Fund will buy shares from existing shareholders.

The financing calls for Microsoft to receive 75% of OpenAI’s profits until it recoups its initial investment.

When that threshold is reached, Microsoft will receive 49% of OpenAI’s shares, with other investors receiving another 49% and OpenAI’s nonprofit parent company receiving 2%. Microsoft invested $1 billion in OpenAI in 2019 and has been working to launch a version of its Bing search engine.