2 hours ago - Business

MGX raises roughly $50B for AI bets

Lucinda Shen

Illustration of a data center server in the shape of an upward arrow. — Illustration: Allie Carl/Axios

MGX, the Abu Dhabi-backed investor in OpenAI and xAI, has raised nearly $50 billion that it will plow into the AI sector, Bloomberg reports.

The fund raised capital from both sovereign wealth funds and investors.

Why it matters: It cements MGX as one of the largest tech funders out there.

Context: Founded in 2024, MGX has written massive checks to the foundational AI models, including Anthropic. It also was part of ByteDance's deal to divest its U.S. operations.

The bottom line: It "marks the first time Abu Dhabi — historically an exporter of capital — has leaned on its vast network to raise money at this scale." — Dinesh Nair, Bloomberg

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MGX raises roughly $50B for AI bets

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