Abu Dhabi-based MGX is reportedly nearing a deal to invest hundreds of millions of dollars in Anthropic as part of a funding round that is expected to exceed $20 billion, according to people familiar with the matter.

The round, which would value Anthropic at approximately $350 billion, is more than double the size initially targeted and reflects sustained investor appetite for frontier AI platforms. No final agreements have been announced, and the size and structure of MGX’s participation could still change.

If completed, the deal would further position MGX among the most active sovereign-backed investors in artificial intelligence globally.

A Sovereign AI Portfolio Taking Shape

Since its establishment two years ago, MGX has rapidly built exposure to leading AI developers. The firm holds stakes in OpenAI and xAI, placing it among a small group of investors with positions across multiple top-tier AI labs.

A commitment to Anthropic would deepen that strategy, giving MGX exposure to one of OpenAI’s most prominent rivals. The move also reflects a broader pattern of Gulf capital targeting scalable AI infrastructure, not only software platforms but also data centers and compute-intensive ecosystems.

Last year, MGX participated in the $40 billion acquisition of Aligned Data Centers alongside BlackRock, underscoring its focus on the physical backbone supporting AI deployment.

Anthropic’s Rapid Ascent

Anthropic, founded by former OpenAI researchers and led by CEO Dario Amodei, has become one of the fastest-growing companies in the generative AI race. The company has more than doubled its revenue run rate in recent months and continues to release new models aimed at enterprise use cases, including financial research and legal services.

The latest round comes just five months after Anthropic raised $13 billion in a previous financing that included the Qatar Investment Authority as a significant participant. That transaction nearly doubled the company’s valuation at the time and marked a pivotal moment in its capital strategy.

The new round would once again reprice Anthropic upward, highlighting how capital concentration continues to favor companies building large-scale foundational AI models.

Global Capital Meets AI Competition

Anthropic’s fundraising reflects intensifying competition among frontier AI developers, where access to capital is increasingly as critical as access to talent and computing power. Investors reportedly lining up commitments north of $1 billion include Coatue Management, Singapore’s GIC, and Iconiq Capital.

For sovereign investors such as MGX, the opportunity lies not only in financial returns but also in securing strategic exposure to technologies reshaping industries from finance to healthcare.

If finalized, MGX’s participation would further cement Abu Dhabi’s position as a global capital hub for advanced artificial intelligence, reinforcing a regional trend in which sovereign wealth funds are moving from passive allocators to active partners in shaping the AI economy.