Technology and Science · 01 July, 2026 · 2 min read
Abu Dhabi’s MGX Closes $49 Billion AI Fund 1, Exceeding $45 Billion Target
MGX closed its Fund I at $49 billion, beating a $45 billion target. The fund drew a diverse mix of global institutional and private investors.
What differentiates MGX from traditional Gulf sovereign funds.
10 of 12 outlets skipped it: MGX co-led OpenAI’s $122B raise in March..
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MGX’s $49B AI fund
Abu Dhabi-based technology investment firm MGX closed its MGX Fund 1 with $49 billion in commitments, exceeding its $45 billion target size, according to a July 1, 2026 report. MGX said it launched the fund “to provide highly curated exposure to the AI thematic through disciplined investments in differentiated and restricted opportunities across the AI technology stack,” spanning semiconductors, AI infrastructure and AI and AI-enabling platforms.
The fund’s strategy includes deploying capital at scale across the AI stack, including semiconductor design, manufacturing and automation, and AI digital infrastructure such as data center platforms and compute infrastructure. MGX’s portfolio currently includes 14 companies, with Anthropic, OpenAI and SpaceX among them, and CNBC reported the $49 billion fund is one of the biggest investment vehicles focused on the AI sector ever closed.
Where the money goes
MGX said about 70% of its capital is allocated to North America, with the remainder deployed across the United Arab Emirates, Western Europe and selected Asia-Pacific countries, per its investment strategy page. The fund received investments from institutional and private investors from the Gulf, North America, Asia and Europe, according to MGX’s July 1 press release.
CNBC reported that artificial intelligence companies have raised $416.6 billion so far this year, a figure that is nearly double that raised in all of 2025, and that Anthropic and OpenAI have picked up most of this year’s capital. Bloomberg reported on June 30 that MGX has already deployed capital from the new fund and plans to spend as much as $10 billion in each of the next few years.
Big bets and next rounds
MGX is backed by Mubadala Investment Company and AI and cloud computing company G42, and it is chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and National Security Adviser. The fund has already placed investments in 14 companies, and MGX participated in U.S.-based AI leader Anthropic’s $65 billion Series H funding round after earlier involvement in Anthropic’s Series G round, according to Funds Global MENA.
CNBC said MGX co-led Anthropic’s $30 billion raise in February and participated in the company’s $65 billion Series H in May, and it also co-led OpenAI’s $122 billion raise in March. MGX also participated in xAI’s $20 billion raise in January, prior to the firm’s merger with Elon Musk’s SpaceX, as CNBC described, while MGX’s Fund I was launched to provide “curated AI exposure” across the AI technology stack.