Last month, Abu Dhabi’s MGX co-led a $30 billion fundraise for Anthropic. Now, it is reportedly doubling down: this time on OpenAI.
MGX, backed by Mubadala Investment Co. and AI firm G42, will co-lead a $10 billion financing for OpenAI alongside Andreessen Horowitz, D. E. Shaw & Co., TPG and T. Rowe Price, Bloomberg reported.
Coatue Management, Thrive Capital and Altimeter Capital are also expected to join, valuing the company at about $730 billion, according to a Bloomberg report.
MGX’s Recent Investments:
- Co-led the $30 billion funding round for Anthropic, valuing the startup at about $380 billion.
- Joined OpenAI, SoftBank, and Oracle in backing Stargate, a $500 billion initiative to build out AI infrastructure in the US.
- Supported fundraising for Elon Musk’s xAI.
- Partnered with BlackRock and Microsoft on a $30 billion energy-efficient data centre project
- Participated in BlackRock’s $40 billion acquisition of Aligned Data Centers.
- Acquired a 15% stake in TikTok’s US operation
- Invested $2 billion in Binance, the world’s largest cryptocurrency exchange.
📌 Why it matters:
MGX’s simultaneous bets on both Anthropic and OpenAI signal that Abu Dhabi isn’t picking winners in the AI race. It’s buying exposure to the entire field. It is less about returns and more about securing a seat at the table as AI reshapes the global economy.
📌 Bottom line:
MGX has become one of the most consequential backers in global tech, with stakes in the two leading AI labs, the infrastructure powering them, a foothold in US social media, and exposure to crypto. Abu Dhabi is building leverage across every layer of the digital economy, and it’s moving fast.
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