MGX closes $49 billion AI fund, above target, to back Anthropic and OpenAI

MGX, the Abu Dhabi state-backed technology investment firm, has reportedly closed its first dedicated AI fund at $49 billion, the largest pool of capital raised specifically for artificial intelligence to date. The close came in above an original $45 billion target and was reported on July 1.

The size matters because it hardwires Gulf sovereign money into the balance sheets of the frontier AI labs. MGX already holds stakes across 14 companies, including Anthropic, OpenAI and xAI. It co-led Anthropic’s $30 billion raise in February 2026 and joined the lab’s $65 billion Series H in May, and co-led an OpenAI round of $122 billion in March. A fund this large gives the firm a standing balance sheet to keep writing checks of that scale without assembling a new syndicate each time.

The vehicle drew institutional and private investors from the Gulf, North America, Asia and Europe, according to the reporting. It targets three layers of the stack: semiconductors, AI infrastructure such as data centers and connectivity, and AI-enabling platforms. MGX has said the fund offers “highly curated exposure to the AI thematic through disciplined investments in differentiated and restricted opportunities across the AI technology stack.” The firm is expected to deploy as much as $10 billion a year over the next few years.

The figures rest on business-press reporting rather than a first-party disclosure; no MGX release announcing the close was located, and the fund’s terms and full investor roster have not been published. Sovereign-backed AI vehicles also draw scrutiny in Washington over how advanced chips and models tied to Gulf capital are governed, a question that has already shaped US export terms for the region.

Whether the $10 billion-a-year pace holds is the number to watch: at that rate the fund would take roughly five years to deploy, a timeline that assumes the current run of mega-rounds at Anthropic and OpenAI continues rather than cools.