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.
