OpenAI and Anthropic Backer MGX Closes $49 Billion AI Fund, One of the Biggest Ever
CNBC reported on July 1 that MGX closed one of the biggest AI funds ever at $49 billion.
At a glance
- MGX closed an AI fund at $49 billion, per CNBC on July 1.
- MGX backs OpenAI, Anthropic and xAI (the latter prior to its SpaceX merger), per CNBC.
VERDICT — CONFIRMED
MGX has closed one of the biggest AI funds ever raised, at $49 billion, CNBC reported on July 1.
Per CNBC, MGX is a backer of major AI companies including OpenAI and Anthropic, and also backed Elon Musk's xAI prior to that company's merger with SpaceX. The close adds a substantial new pool of capital behind frontier laboratories the investor already holds positions in.
The material reviewed did not detail the fund's limited partners, its deployment timeline or how the $49 billion will be allocated across new versus existing positions. MGX's own confirmation of the figures was not part of the material reviewed; the $49 billion close stands as reported by CNBC.
Background
MGX is an Abu Dhabi-based investment firm launched in 2024 with backing from Emirati state investor Mubadala and the AI group G42, created explicitly to deploy Gulf sovereign capital into artificial intelligence at scale. It moved quickly into the top tier of AI finance, participating in OpenAI's landmark funding rounds and joining the Stargate data-center venture alongside OpenAI, SoftBank and Oracle — a profile that made it one of the most consequential single sources of capital in the sector within a year of its founding.
A $49 billion vehicle would rank among the largest technology funds ever assembled by any measure, in the territory of SoftBank's roughly $100 billion Vision Fund as a reference point for scale. The figure also illustrates a structural fact of the current AI buildout: the capital requirements of frontier model training and the data centers behind it have grown beyond what conventional venture funds supply, pulling sovereign wealth into the core of the industry's financing.
What comes next
How and where the capital flows is a matter for future disclosure by MGX and its portfolio companies. Watch for the fund's own confirmation and any statement of strategy, for participation in the next financing rounds of OpenAI and Anthropic, and for data-center and infrastructure commitments, which is where capital at this scale in AI has increasingly been directed.
Key facts on file
- MGX closed an AI fund at $49 billion, per CNBC on July 1.
- MGX backs OpenAI, Anthropic and xAI (the latter prior to its SpaceX merger), per CNBC.
