ABU DHABI'S MGX CLOSES $49 BILLION AI INVESTMENT FUND

Abu Dhabi sovereign wealth fund MGX announced on Wednesday that it has closed a $49 billion fund dedicated to backing artificial intelligence companies, making it one of the largest investment vehicles ever focused on the sector. The fund exceeded its initial $45 billion target and drew capital from institutional and private investors across the Gulf, North America, Asia and Europe. MGX stated that it plans to invest across the AI technology stack, including semiconductors, AI infrastructure, and AI-enabling technologies and platforms. The fund has already backed 14 companies.

MGX has positioned itself as a significant backer of major AI firms. The fund co-led Anthropic's $30 billion raise in February and participated in the company's $65 billion Series H funding round in May. MGX also co-led OpenAI's $122 billion raise in March and participated in Elon Musk's xAI's $20 billion raise in January, prior to xAI's merger with SpaceX. According to Dealroom, AI companies have raised $416.6 billion so far this year, with Anthropic and OpenAI together accounting for the majority of capital raised in the sector during this period.

Beyond direct equity investment, MGX has committed to developing infrastructure supporting AI deployment. In June, the fund announced plans to expand an AI campus in France in partnership with Bpifrance and Mistral. The fund's formation reflects broader investor appetite for backing artificial intelligence companies, with major institutional capital flowing into the sector at an accelerating pace.