MGX in talks to join $20bn funding round for Anthropic

Abu Dhabi investment fund MGX is reportedly nearing a deal to join a $20 billion fundraising round for US artificial intelligence company Anthropic.

MGX is in talks to provide hundreds of millions of dollars to Anthropic as part of a funding round that’s set to raise more than $20 billion overall, Bloomberg reported.

Anthropic makes the AI Chatbot and Large Language Model Claude, and is one of the world’s most prominent AI companies.

Anthropic was initially seeking $10 billion but is now on track to double that amount at a $350 billion valuation.

An announcement about the proposed investment is likely in the coming days, the sources said. No final decisions have been made and the size and structure of the investment could change, according to Bloomberg’s report.

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MGX was founded in 2024 by Abu Dhabi AI company G42 and sovereign wealth fund Mubadala to invest in AI and other emerging technologies. It has stakes in ChatGPT-maker Open AI and Elon Musk’s xAI.

Anthropic’s business has been gaining momentum in recent months. The release of its legal AI tool caused a sell-off in the global software market because of the tool’s perceived effectiveness. 

Anthropic raised $13 billion in a round five months ago that included the Qatar Investment Authority as a significant investor.