UAE's MGX closes $49 billion AI fund, one of the biggest investment vehicles focused on AI ever

UAE's MGX raises one of the biggest AI funds ever as it closes $49 billion

Abu Dhabi's sovereign wealth fund MGX on Wednesday announced it has closed a $49 billion fund to back AI companies, making it one of the biggest ever investment vehicles focusing on the sector. Investors are racing to throw money behind AI companies, as they bet big on the transformational potential of the tech across enterprise. AI companies have raised a record $416.6 billion so far this year, according to Dealroom, already nearly doubling the figure raised in 2025. Anthropic and OpenAI have together picked up the majority of the capital raised in 2026, both of which have MGX as a significant backer. The Emirati fund co-led Anthropic's $30 billion raise in February and participated in the company's $65 billion Series H in May. MGX also co-led OpenAI's $122 billion raise in March, as well as participating in Elon Musk's xAI's $20 billion raise in January, prior to the firm's merger with SpaceX. The fund has backed 14 companies so far, and is looking to invest across the AI tech stack, including semiconductors, AI infrastructure and AI-enabling technologies and platforms. It was raised from institutional and private investors from across the Gulf, North America, Asia and Europe, and closed above its initial $45 billion target fund size. MGX has also been putting money into the infrastructure required for AI. In June, the company said it would expand an AI campus in France, in partnership with Bpifrance and Mistral.

MGX Pursues AI Infrastructure Investments With $49 Billion Fund | PYMNTS.com

The Abu Dhabi-based technology investment firm launched the fund "to provide highly curated exposure to the AI thematic through disciplined investments in differentiated and restricted opportunities across the AI technology stack, including semiconductors, AI infrastructure and AI and AI-enabling platforms," MGX said in a Wednesday (July 1) press release. The fund received investments from institutional and private investors from the Gulf, North America, Asia and Europe, according to the release. MGX was established to invest in artificial intelligence and advanced technology around the world, and its portfolio currently includes 14 companies, with Anthropic, OpenAI and SpaceX among them. The firm's investment strategy is to deploy capital at scale across the AI stack, including semiconductor design, manufacturing and automation; AI digital infrastructure such as data center platforms, compute infrastructure, and enabling products and services; and AI technology at the application layer, frontier models, software, tech-enabled services, life sciences and automation. About 70% of MGX's capital is allocated to North America, with the remainder deployed across the United Arab Emirates, Western Europe and selected Asia-Pacific countries, per its investment strategy page. "The firm remains focused on identifying exceptional investment opportunities that will create long-term value through active partnership," MGX said in the release. Since the beginning of the year, MGX has participated in xAI's $20 billion Series E, become one of the three managing investors of TikTok USDS Joint Venture, co-led Anthropic's $30 billion Series G, participated in Isomorphic Labs' $2.1 billion Series B, participated in Anthropic's $65 billion Series H, and partnered with Bpifrance and Mistral to expand Campus AI's development of AI factories in France. CNBC reported Wednesday that MGX's $49 billion fund is one of the biggest investment vehicles focused on the AI sector ever closed. The report said artificial intelligence companies have raised $416.6 billion so far this year, a figure that is nearly double that raised in all of 2025, and that Anthropic and OpenAI have picked up most of this year's capital. Bloomberg reported Tuesday (June 30) that MGX has already deployed capital from the new fund and that the firm plans to spend as much as $10 billion in each of the next few years.