According to Foresight News and reported by The Information, the UAE fund MGX has been negotiating to invest in Musk's xAI, the manufacturer of the chatbot Grok, which has been seeking $5 billion in financing with an estimated valuation of about $45 billion.
MGX's investment, if completed, will be MGX's second known investment in a large language model developer, following its $6.6 billion investment in OpenAI last month in a company that was established 7 months ago. One of MGX's two main supporters, Mubadala Investment Co., also invested in Anthropic by purchasing shares previously held by the bankrupt cryptocurrency exchange FTX through a subsidiary.