MGX Secures $49 Billion for Ambitious AI Investment Fund

WHO:

Techmeme - Abu Dhabi-based MGX is the organization involved in the fund.

Bloomberg Markets - MGX is described as a two-year-old firm.

WHAT:

New York Times - Together AI raised $800 million led by Saudi Aramco's Prosperity7 at an $8.3 billion valuation, bringing its total funding to $1.3 billion.

Techmeme - MGX raised $49 billion for an AI-focused fund, exceeding its $45 billion target.

Bloomberg Markets - The fund is one of the biggest ever dedicated to artificial intelligence deals.

Techmeme - MGX plans to spend as much as $10 billion annually over the next few years.

WHERE:

Techmeme - The organization is based in Abu Dhabi.

WHEN:

Techmeme - MGX plans to spend the $10 billion annually over the next few years.

WHY:

Bloomberg Markets - The fund aims to propel MGX into the ranks of the most consequential investors in the AI sector globally.

HOW:

Techmeme - The fund was raised through investments focused on artificial intelligence.

(UPDATED July 1, 2026 15:51 UTC)

Together AI has successfully raised $800 million, with the funding round led by Saudi Aramco's Prosperity7, bringing the company's valuation to an impressive $8.3 billion. This latest investment increases Together AI's total funding to $1.3 billion. The news was reported by the New York Times at 15:51 UTC.

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(UPDATED July 1, 2026 13:51 UTC)

MGX, an Abu Dhabi-based firm that is just two years old, has successfully raised $49 billion for an AI-focused fund, surpassing its original target of $45 billion. This fund is now one of the largest ever dedicated to artificial intelligence deals, with MGX planning to invest as much as $10 billion annually over the next few years. The goal of this ambitious fund is to position MGX among the most influential investors in the global AI sector.