Abu Dhabi-based artificial intelligence investment firm MGX has closed a $49 billion fund dedicated to backing AI companies, creating one of the largest investment vehicles ever focused on the fast-growing technology sector.
The fund, which exceeded its initial $45 billion target, reflects growing investor appetite for artificial intelligence as companies race to develop large language models, computing infrastructure and applications expected to reshape industries from finance to manufacturing.
Global investment in AI companies has surged as investors seek exposure to the technology boom. AI startups raised a record $416.6 billion so far in 2026, nearly double the amount raised in 2025, according to data from Dealroom.
MGX, backed by Abu Dhabi’s sovereign wealth ecosystem, has emerged as one of the most active investors in leading AI companies. The fund has invested in major AI developers including OpenAI and Anthropic, while also backing xAI before its merger with SpaceX.
MGX co-led Anthropic’s $30 billion fundraising round in February and participated in the company’s $65 billion Series H financing in May. It also co-led OpenAI’s $122 billion funding round in March and joined xAI’s $20 billion capital raise in January.
The fund has backed 14 companies and plans to invest across the broader AI ecosystem, including semiconductor development, data centres, AI infrastructure and technologies that support AI deployment.
The investment vehicle attracted capital from institutional and private investors across the Gulf region, North America, Asia and Europe, highlighting growing global interest in AI infrastructure and applications.
Beyond investing in AI companies, MGX is also expanding its focus on the physical infrastructure needed to support the technology. In June, the firm announced plans to expand an AI campus in France in partnership with state-backed investment bank Bpifrance and AI startup Mistral AI.
The fund’s launch comes as governments and investors increasingly view AI capabilities, advanced chips and computing capacity as strategic assets, with competition intensifying among the United States, Europe, China and Gulf states to build AI ecosystems.
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Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
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