MGX closes $49B AI fund as investor behind OpenAI, Anthropic expands reach
MGX has completed the final close of one of the world’s largest dedicated AI investment funds, as institutional investors continue to pour capital into the chips, data centres and infrastructure needed to support the growth of AI.
MGX, the Abu Dhabi-based AI investor with investments in and partnerships with OpenAI, xAI, Anthropic, Mistral AI, BlackRock, and Microsoft, has completed the final close of MGX Fund I at $49 billion in commitments, significantly exceeding its initial $45 billion target fund size.
The fund is among the largest dedicated AI investment funds to date, underscoring investor confidence in AI infrastructure and technologies at a time when governments, technology companies, and institutional investors are racing to finance the computing power, chips and data centres needed to support the next phase of AI development.
The Abu Dhabi-based investor said the fund attracted capital from a broad mix of investors.
“MGX Fund I attracted investment from an elite and diverse group of major institutional and private investors from the Gulf, North America, Asia and Europe,” it noted.
According to MGX, the fund will invest across semiconductors, AI infrastructure and AI technologies, reflecting its strategy of backing the full AI value chain rather than individual applications alone.
MGX was established in 2024 by Abu Dhabi’s Artificial Intelligence and Advanced Technology Council, with Mubadala and G42 as its founding partners. The company was created to help build a globally competitive AI ecosystem while investing in technologies that underpin future economic growth.
It has stated an ambition to manage more than $100 billion in assets over time and has already built a high-profile portfolio. Since inception, MGX Fund I has invested in 14 companies and partnered with some of the world's leading global technology firms and platforms.
The fund closes against a backdrop of intense global competition to secure AI capacity. Governments in the United States, Europe and the Gulf are supporting large-scale investments in advanced chips, electricity networks and data centres as demand for AI computing continues to accelerate.
Big Tech companies are also committing tens of billions of dollars to expand AI infrastructure, reflecting expectations that computing power will become a strategic resource for economic growth and technological leadership.
Edited by Megha Reddy