UAE’s MGX in talks to join Anthropic’s $20 billion funding round

According to reports, Abu Dhabi investment vehicle MGX is close to securing a role in a $20 billion fundraising round for the US-based artificial intelligence company Anthropic, the developer of the Claude chatbot.

Bloomberg reported that MGX is in discussions to commit several hundred million dollars to Anthropic as part of a broader financing round expected to exceed $20 billion in total.

Anthropic is the developer of the AI chatbot and large language model Claude and is widely regarded as a leading player in the global AI sector; it comes second only to OpenAI as a standalone AI company.

Originally, the company aimed to raise $10 billion, but new reports suggest it has doubled that target, hoping to bring its valuation to around $350 billion. Bloomberg cited sources saying an announcement on the potential investment could come within days. However, no final agreements have been reached, and the transaction size and structure may still change.

MGX was established in 2024 through a partnership between Abu Dhabi-based AI company G42 and sovereign wealth fund Mubadala. Its mandate is to invest in artificial intelligence and other advanced technologies, and it holds stakes in OpenAI, the maker of ChatGPT, and in Elon Musk’s xAI.

Even though its Claude chatbot is not as popular as OpenAI’s ChatGPT or Google’s Gemini, Anthropic’s business has gained significant traction in recent months, driven mainly by enterprise adoption. The recent launch of its legal-focused AI tool demonstrated its impact, triggering a global selloff in software stocks as investors reacted to its perceived capabilities.