MGX’s AI Role In The US Grows

The White House's new Stargate Project, focused on AI datacenters and infrastructure, has attracted significant investment from major tech companies like OpenAI, SoftBank, and Oracle, as well as Abu Dhabi-based MGX. MGX, an investment firm founded by Mubadala and G42, plans to contribute $7 billion to the project, which aims to develop $100 billion to $500 billion in AI infrastructure. MGX has been actively involved in large AI investments in the U.S., participating in major funding rounds for companies like Databricks, xAI, and OpenAI, with Databricks' $10 billion raise marking the largest round of 2024.

In addition to its involvement in the Stargate Project, MGX announced a partnership with BlackRock and Microsoft to build data centers and expand energy capacity for AI, with a $30 billion plan expected to grow with debt financing. MGX's founding partners, Mubadala and G42, have also made numerous investments in tech sectors such as biotech and climate tech. Mubadala Capital Ventures has invested in over 100 companies, while G42 has participated in 10 deals, including ByteDance's $100 million secondary offering. MGX's recent activities suggest it will continue to play a significant role in the AI investment landscape.

Key takeaways:

MGX, an Abu Dhabi-based investment firm, is set to contribute $7 billion to the White House's new Stargate Project, which aims to build AI datacenters and infrastructure.
MGX participated in Databricks' $10 billion funding round, making it the largest round of 2024, with Databricks now valued at $62 billion.
In November, MGX took part in xAI's $6 billion funding round, valuing the company at $50 billion, alongside other major investors.
MGX also joined OpenAI's $6.6 billion funding round, which was the second-largest round of 2024, giving OpenAI a post-money valuation of $157 billion.

MGX’s AI Role In The US Grows

Key takeaways:

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