{"slug": "mgx-closes-49-billion-ai-fund-to-back-ai-companies", "title": "MGX Closes $49 Billion AI Fund to Back AI Companies", "summary": "Abu Dhabi sovereign wealth fund MGX closed a $49 billion AI fund on July 1, 2026, exceeding its initial $45 billion target. The fund, one of the largest focused on AI, has already backed 14 companies including Anthropic, OpenAI, and xAI, and plans up to $10 billion in annual investments.", "body_md": "Editorial analysis: Large, dedicated pools of capital materially change financing for compute-heavy infrastructure and frontier model developers, raising the bar for project scale and M&A activity. According to CNBC, Abu Dhabi sovereign wealth fund **MGX** closed a **$49 billion** fund on July 1, 2026, making it one of the largest investment vehicles focused on AI. CNBC reports the fund closed above an initial **$45 billion** target and was raised from institutional and private investors across the Gulf, North America, Asia and Europe. CNBC also reports MGX has backed 14 companies so far and co-led large rounds for **Anthropic** and **OpenAI**, and participated in a **$20 billion** raise for **xAI**. Newsbytes reports MGX is chaired by Sheikh Tahnoon bin Zayed Al Nahyan and says the firm plans up to **$10 billion** of annual investment.", "url": "https://wpnews.pro/news/mgx-closes-49-billion-ai-fund-to-back-ai-companies", "canonical_source": "https://letsdatascience.com/news/mgx-closes-49-billion-ai-fund-to-back-ai-companies-1366676b", "published_at": "2026-07-01 09:08:35+00:00", "updated_at": "2026-07-01 09:56:40.924724+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-startups", "ai-infrastructure", "ai-research", "ai-policy"], "entities": ["MGX", "Anthropic", "OpenAI", "xAI", "Sheikh Tahnoon bin Zayed Al Nahyan", "CNBC", "Abu Dhabi"], "alternates": {"html": "https://wpnews.pro/news/mgx-closes-49-billion-ai-fund-to-back-ai-companies", "markdown": "https://wpnews.pro/news/mgx-closes-49-billion-ai-fund-to-back-ai-companies.md", "text": "https://wpnews.pro/news/mgx-closes-49-billion-ai-fund-to-back-ai-companies.txt", "jsonld": "https://wpnews.pro/news/mgx-closes-49-billion-ai-fund-to-back-ai-companies.jsonld"}}