MGX Closes $49 Billion AI Fund, One of Sector's Largest

Abu Dhabi sovereign wealth fund MGX closed a $49 billion fund on Wednesday to back AI companies, making it one of the largest investment vehicles in the sector. The fund raised capital from institutional and private investors across the Gulf, North America, Asia and Europe, exceeding its initial $45 billion target. AI companies have raised a record $416.6 billion so far this year according to Dealroom, nearly doubling the 2025 figure, as investors bet on the technology's transformational potential across enterprise.

MGX Backs 14 AI Companies Including Anthropic and OpenAI

The fund has backed 14 companies so far, focusing on investments across the AI tech stack including semiconductors, AI infrastructure and AI-enabling technologies and platforms. MGX co-led Anthropic's $30 billion raise in February and participated in the company's $65 billion Series H in May. The fund 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 the firm's merger with SpaceX. Anthropic and OpenAI have together picked up the majority of the capital raised in 2026, both of which have MGX as a significant backer.

MGX Expands AI Campus in France

In June, MGX announced it would expand an AI campus in France in partnership with Bpifrance and Mistral. The expansion represents the fund's investment in infrastructure required for AI development.

Fund Composition and Investor Base

The fund was raised from institutional and private investors from across the Gulf, North America, Asia and Europe. It closed above its initial $45 billion target fund size, reaching $49 billion.

FAQ

What did MGX announce on Wednesday? MGX announced it closed a $49 billion fund to back AI companies, exceeding its initial $45 billion target with capital from investors across the Gulf, North America, Asia and Europe.

Which AI companies has MGX invested in? MGX co-led Anthropic's $30 billion raise in February and $65 billion Series H in May, co-led OpenAI's $122 billion raise in March, and participated in xAI's $20 billion raise in January. The fund has backed 14 companies total across semiconductors, AI infrastructure and AI-enabling platforms.