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

The Abu Dhabi sovereign wealth fund MGX has made headlines by successfully closing a monumental $49 billion fund dedicated to investing in artificial intelligence companies. This significant financial vehicle positions MGX as a leading player in the rapidly evolving AI sector. As investors scramble to capitalize on the transformative power of AI technology across various industries, the total capital raised by AI firms has soared to a staggering $416.6 billion this year alone. This figure marks a remarkable increase compared to 2025, nearly doubling the investment levels. Leading AI companies such as Anthropic and OpenAI have captured a substantial portion of this funding, with MGX emerging as a key backer. The Emirati fund co-led Anthropic's impressive $30 billion capital raise in February and also participated in the company's $65 billion Series H round in May. Furthermore, MGX played a pivotal role in OpenAI's $122 billion fundraising in March, alongside contributing to Elon Musk's xAI's $20 billion raise in January prior to its merger with SpaceX. So far, MGX has invested in 14 AI firms and is keen to expand its portfolio across the entire AI technology spectrum. This includes investments in semiconductors, AI infrastructure, and various AI-enabling technologies and platforms. The fund has attracted support from institutional and private investors across the Gulf region, North America, Asia, and Europe, exceeding its initial target of $45 billion. In addition to direct investments in AI companies, MGX is also focusing on enhancing the necessary infrastructure for AI development. Recently, the fund announced plans to expand an AI campus in France, collaborating with Bpifrance and Mistral to bolster its initiatives in the field.