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MGX’s AI Role In The US Grows

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While most of the talk about the White House’s new centered on the three big tech names — , and — Abu Dhabi-based investment firm also is poised to play a big role in the new AI project.

However, that is nothing new for the firm when it comes to large AI investments in the U.S.

It was MGX — a $100 billion artificial intelligence-focused investment vehicle founded by sovereign wealth fund and Abu Dhabi-based AI company — plans to contribute about $7 billion to the new Stargate Project. The project is anticipated to help build out $100 billion to $500 billion in AI datacenters and infrastructure.

However, the Stargate Project is far from the only big deal MGX has participated in since being announced last March. The firm has taken part in three of the largest fundraises by AI companies in the past few months, per SA¹ú¼Ê´«Ã½ .

  • MGX took part in the largest round of 2024 — ’ $10 billion raise at a $62 billion valuation. The San Francisco-based company — which helps businesses process, analyze and manage large amounts of data quickly and efficiently using tools like AI and machine learning — is now the fourth-most highly valued U.S.-based startup, after OpenAI, and . led Databricks’ new funding.
  • In November, the firm took part in ’s $6 billion funding round valuing it at $50 billion, reported. The new round includes investment from the , , and .
  • In October, MGX participated in the second-largest round of 2024, this time for ’s $6.6 billion raise at a post-money valuation of $157 billion. That round also was led by .

There’s more

MGX also in September it would partner with and to build data centers and expand energy capacity for AI’s growing demand. The $30 billion plan is expected to grow to $100 million when debt financing is included.

The firm’s founding partners also have made a plethora of investments into tech ranging from AI to biotech to climate tech.

Mubadala’s venture arm, , has made more than 100 investments in the past seven-plus years — per SA¹ú¼Ê´«Ã½ — including taking part in New York-based ’s $290 million in funding led by . The company is exploring medicines for obesity and metabolic diseases with a collection of oral and injectable incretin, nonincretin and combination therapies.

G42, on the other hand, has only taken part in 10 deals — per SA¹ú¼Ê´«Ã½ data — including participating in China-based ’s $100 million secondary offering last March.

ByteDance is the parent company of — the video sharing platform that has turned into a political hot potato due to its ties to China.

This week likely was the first time many had heard of MGX. It is almost certain it will not be the last.

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