Abu Dhabi-based MGX is reportedly nearing a deal to join the latest funding round of Anthropic, according to people familiar with the matter.
MGX is said to be discussing an investment worth hundreds of millions of dollars as part of a broader round that is expected to raise more than $20 billion in total, according to reports.
No final decisions have been made, and the size or structure of the investment could still change. MGX declined to comment, while Anthropic did not immediately respond to requests for comment.
For MGX, participation in Anthropic would add to an expanding AI investment portfolio. Since its launch two years ago, the firm has taken stakes in OpenAI and xAI, and also backed major infrastructure deals, including a $40 billion data centre transaction with BlackRock.
Valuation surges amid strong investor demand
Anthropic, widely seen as a key rival to OpenAI, initially sought around $10 billion in fresh funding. However, strong investor demand has reportedly pushed the round to more than double that amount, potentially valuing the company at $350 billion.
In the middle of the negotiations, Anthropic has already lined up commitments of more than $1 billion each from Coatue Management, GIC, and Iconiq Capital.
The new funding would nearly double Anthropic’s previous valuation and comes just months after the company raised $13 billion in a round that included the Qatar Investment Authority as a major backer.
The report comes as the AI company has more than doubled its revenue run rate in recent months and continues to release new AI models. It recently introduced an upgraded version of its flagship system aimed at financial research, following an earlier move into legal services that affected traditional software providers in those sectors.
The company focuses on building advanced AI systems that are reliable, interpretable, and aligned with human oversight. An official announcement is expected in the coming days, though discussions remain ongoing.
