Abu Dhabi’s sovereign wealth fund MGX announced on Wednesday that it had closed a $49 billion fund to back AI companies, making it one of the largest investment vehicles ever focused on the sector.
Investors are betting big on the technology’s potential to transform entire businesses, and are racing to put money into AI companies.
AI companies have raised a record $416.6 billion so far this year, nearly double the amount raised in 2025, according to Dealroom.
Anthropic and OpenAI have jointly raised the majority of their 2026 funding, and both count MGX as a key backer.
Emirates Fund co-led Anthropic’s $30 billion raise in February and participated in the company’s $65 billion Series H in May. MGX also co-led OpenAI’s $122 billion raise in March and participated in Elon Musk’s $20 billion raise in January before merging with xAI. space x.
The fund has supported 14 companies to date and aims to invest across the entire AI technology stack, including semiconductors, AI infrastructure, and AI-enabled technologies and platforms.
The capital was raised from institutional and retail investors across the Gulf, North America, Asia and Europe, and closed above the original target fund size of $45 billion.
MGX is also investing in the infrastructure needed for AI. In June, the company announced it was expanding its AI campus in France in partnership with Bpifrance and Mistral.
