OpenAI, Anthropic Deals Power Abu Dhabi’s $100 Billion AI Bet

MGX was conceived in 2023, shortly after the launch of OpenAI’s ChatGPT sparked a global scramble for dominance in artificial intelligence. Abu Dhabi decided it needed a dedicated investment vehicle, creating a fund that now ranks among the world’s most consequential backers of the technology.

When Anthropic unveiled participants for its latest funding round this month, the firm joined as a co-lead investor. That followed a run of high-profile bets from MGX, which is racing towards a target of more than $100 billion in assets under management, backed by Abu Dhabi’s sovereign wealth and its deep ties to Wall ...