OpenAI has closed $122 billion in committed capital at an $852 billion post-money valuation, the largest private funding round in the history of the technology industry.
Abu Dhabi's MGX co-led the round alongside SoftBank, Andreessen Horowitz, D.E. Shaw Ventures, TPG and T. Rowe Price, with anchor commitments from Amazon ($50 billion), Nvidia ($30 billion) and SoftBank ($30 billion). Microsoft, OpenAI's longest-standing backer, also participated.
MGX's role as a co-lead, rather than a participating investor, cements the Mubadala and G42-backed vehicle as one of the most consequential non-US capital allocators in frontier AI. Bloomberg reported last week that MGX was part of a group raising approximately $10 billion in additional commitments beyond the original $110 billion announced in February, with the final round closing at $122 billion. OpenAI's own announcement named MGX alongside a16z, D.E. Shaw, TPG and T. Rowe Price as co-leads.
The co-lead position represents a deepening of a relationship that began in October 2024, when MGX participated in OpenAI's $6.6 billion Series E. MGX subsequently joined the Stargate project, the $500 billion US-based AI infrastructure initiative alongside OpenAI, SoftBank and Oracle, and increased its exposure through secondary market purchases.
In May 2025, G42 partnered with OpenAI, Nvidia, Oracle, Cisco and SoftBank to launch Stargate UAE, a 1-gigawatt AI compute cluster within a newly established 5GW UAE-US AI Campus, with MGX backing the US-based facility. Sam Altman visited Abu Dhabi in January to pitch state-backed funds ahead of the raise.
MGX, founded in 2024 and chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security advisor and brother to the president, has accumulated positions across all three of the world's most prominent frontier AI labs. In addition to OpenAI, MGX invested in xAI's $20 billion Series E alongside QIA in January 2026, and has been reported to be in advanced talks to participate in a $3 to $5 billion round for Anthropic.
As FWDstart has previously reported, this has produced a clear split in Gulf sovereign AI strategy: Abu Dhabi, through MGX, has aligned most closely with OpenAI and is deepening that position, while QIA has emerged as Anthropic's primary Gulf backer through its participation in Anthropic's $13 billion Series F in September 2025. Both funds have backed xAI.
The scale of the round is difficult to contextualise. The $122 billion exceeds the total annual venture capital investment in the United States during any year prior to 2021. Amazon's $50 billion commitment is the single largest, though $35 billion of it is contingent on OpenAI going public or reaching what it defines as artificial general intelligence.
Nvidia's $30 billion is understood to be largely in the form of dedicated GPU capacity and infrastructure commitments rather than cash. SoftBank's $30 billion is structured in three tranches arriving through the year.
OpenAI said it is generating $2 billion in monthly revenue, up from $13.1 billion for the full year 2025. ChatGPT now has over 900 million weekly active users and more than 50 million subscribers. Enterprise revenue accounts for over 40% of total revenue, up from approximately 30% last year, with the company expecting parity between enterprise and consumer by the end of 2026. The company's APIs process more than 15 billion tokens per minute.
The round also included, for the first time, approximately $3 billion from individual investors through bank channels. OpenAI will be included in several ETFs managed by ARK Invest, broadening its shareholder base ahead of a widely expected IPO. OpenAI expanded its revolving credit facility to approximately $4.7 billion, which remains undrawn.
The broader Gulf AI infrastructure push continues to accelerate alongside these funding rounds. Saudi Arabia's HUMAIN has announced plans to launch a $10 billion VC fund dedicated to AI startups, with CEO Tareq Amin confirming talks with OpenAI, xAI and Andreessen Horowitz. MGX itself has been exploring a fund of up to $25 billion for global AI infrastructure. Gulf sovereign wealth funds deployed $66 billion into AI and digitalisation in 2025, according to Global SWF, with Mubadala investing $12.9 billion, KIA $6 billion and QIA $4 billion. The seven largest Gulf funds accounted for 43% of all sovereign capital invested globally that year.
