MoneyThe story, in brief
UAE's MGX raises one of the biggest AI funds ever as it closes at $49 billion
$49B. That's what UAE's MGX just closed — one of the largest AI funds ever — backing OpenAI, Anthropic, and xAI.
The KeyNews take
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.
The key facts
5 to knowMGX closes $49 billion AI fund
Backs OpenAI, Anthropic, xAI
One of largest AI funds ever raised
UAE sovereign wealth vehicle
Published July 1, 2026
Go to the source
CNBC Technologycnbc.com
Publisher excerpt: The company is a backer of major AI companies including OpenAI and Anthropic, alongside Elon Musk's xAI, prior to its merger with SpaceX.