MGX Closes $49 Billion AI Fund to Back AI Companies

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.

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.