OpenAI, Anthropic backer MGX raises one of the biggest AI funds ever as it closes at $49 billion
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According to CNBC, MGX, a UAE investment firm, has closed a forty-nine-billion-dollar artificial intelligence fund—one of the largest ever. MGX is already backing major AI companies including OpenAI and Anthropic, alongside Elon Musk's xAI. The fund's scale underscores the intensity of global competition for AI leadership and the UAE's ambition to establish itself as a major player in artificial intelligence development.
Source: https://www.cnbc.com/2026/07/01/mgx-ai-fund-uae-49-billion.html
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