# MGX Closes $49 Billion AI Fund to Back AI Companies > Source: > Published: 2026-07-01 09:08:35+00:00 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.