The Abu Dhabi-based company, MGX, is reportedly planning to raise billions of dollars as part of its strategy to broaden its investments in artificial intelligence, according to insiders familiar with the matter.
These sources, who chose to remain anonymous due to the sensitivity of the information, indicated that the company aims to secure funding through a dedicated investment fund targeting AI infrastructure. MGX could potentially accumulate up to $25 billion for this initiative, positioning it among the largest entities of its kind globally, according to one of the sources.
Furthermore, company officials are exploring fundraising opportunities from financial and strategic investors both in Abu Dhabi and abroad. Notably, Mubadala Investment Company and AI firm G42 are expected to continue as primary supporters of MGX.
Led by Marc Walter, founder of Guggenheim Partners, and financial expert Thomas Toll, the investment company has previously acquired a minority stake in Mubadala’s asset management division earlier this year. This marked the second instance within recent months that allowed an external investor ownership in this entity.
Steps Taken by MGX
Established last year as a joint venture between Mubadala and G42, MGX aims to control assets exceeding $100 billion and has emerged as a key player in the nation’s ambition to lead in AI on a global scale.
The company is also expected to be involved in the Stargate project initiated by former U.S. President Donald Trump. Previously, it has supported OpenAI and the xAI project founded by Elon Musk, and has collaborated with BlackRock and Microsoft on a plan to develop data storage facilities and energy infrastructure valued at $30 billion.
In recent months, MGX has intensified its operations in the United States by attracting executives from major firms such as Apollo Global Management and Warburg Pincus.