UAE Fund MGX Quietly Becomes One of the Biggest Data Center Financiers

MGX, a United Arab Emirates–backed fund, is only a year old but has already become one of the biggest data center financiers in the world, leading the largest data center sale negotiated so far and quietly scooping up a stake in another provider with ties to OpenAI.

MGX will be the biggest shareholder in Aligned Data Centers, one of the largest data center operators in the U.S., following its $40 billion sale to an investor group, announced in October, according to a person familiar with the sale. At the same time, MGX last year acquired a minority stake in Vantage Data Centers, another big data center operator, which is central to OpenAI’s Stargate project, said people with knowledge of MGX’s data center activities.