Jeff Bezos is nearing a $10 billion fundraising deal that would value his AI lab at $38 billion, according to people familiar with the matter. The company, code-named Project Prometheus, is planning to close a funding round imminently that includes an initial $6.2 billion raised in November but has been extended due to high demand.

The Amazon founder's AI venture marks his first operational role since stepping down as CEO in 2021. The funding is separate from a holding company Prometheus is raising tens of billions for, which aims to acquire stakes in businesses expected to be disrupted by the technology. This could include engineering, architecture, and design companies.

The San Francisco-based company, with offices in London and Zurich, is developing AI systems that understand physical laws for application across industries. It has hired hundreds of staff including AI scientists and industry experts. The company has also poached talent from competitors, including Kyle Kosic from OpenAI and xAI, who previously led efforts to build Elon Musk's Colossus supercomputer.