The Money TrailJuly 1, 2026via CNBC Technology
UAE's MGX raises one of the biggest AI funds ever as it closes at $49 billion
Why it matters
Sovereign wealth is reshaping AI's cap table. MGX's $49B close signals that geopolitical players are now equal-footing with US VCs in determining who wins the model wars and infrastructure race.
Key signals
- MGX closes $49 billion AI fund
- Backs OpenAI, Anthropic, xAI
- One of largest AI funds ever raised
- UAE sovereign wealth vehicle
- Published July 1, 2026
The hook
$49B. That's what UAE's MGX just closed — one of the largest AI funds ever — backing OpenAI, Anthropic, and xAI.
The company is a backer of major AI companies including OpenAI and Anthropic, alongside Elon Musk's xAI, prior to its merger with SpaceX.