Jeff Bezos' artificial intelligence laboratory is nearing completion of a substantial funding round that could raise approximately $10 billion, according to reports from the Financial Times.

The funding deal would reportedly value the AI lab at around $38 billion, marking a significant milestone for the venture backed by the Amazon founder. The reports indicate the funding round is in advanced stages, though specific details about the investors or timeline for completion have not been disclosed.

The development comes as artificial intelligence companies continue to attract massive investment amid growing interest in AI technologies and applications. The substantial valuation reflects the competitive landscape in the AI sector, where companies are seeking significant capital to develop and scale their technologies.

Bezos, who stepped down as Amazon's CEO in 2021, has been actively investing in various ventures including space exploration through Blue Origin and now artificial intelligence research. The AI lab represents another major technology bet for the billionaire entrepreneur outside of his e-commerce empire.

Neither Bezos nor representatives from the AI lab have publicly confirmed the funding details reported by the Financial Times. The reported valuation would place the company among the most highly valued private AI companies globally.