The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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corp L1 Capital

MGX

Sphere gulf
Pocket Capital

The metrics — click any for its citations + threads

Posture high
expanding 2 src →
Capital · available high
undrawn commitments toward the $100B AUM target; ~$50B raised (Jun-2026); state-backed dry powder (Mubadala + G42) 2 src →
Capital · operating low
n/a as fee revenue — a state-backed investment vehicle, no operating-cash disclosure; funded by Mubadala/G42 + LP commitments 1 src →
Capital · deployed med
into AI infra — $2B Binance (Mar-2025); part of the $40B Aligned Data Centers buy (Oct-2025); $7B Stargate; GAIIP (w/ BlackRock+Microsoft); Europe's largest AI DC (Mistral/Nvidia) 2 src →
Capital · in high
raised close to $50B from regional + global investors (Jun-2026); launched Mar-2024 with the $100B target 1 src →
Capital · out med
deployments — ~$7B Stargate + ~$40B Aligned (consortium share, not MGX-alone) + $2B Binance + GAIIP tickets 1 src →
Optionality high
free/aggressive — state-backed (Mubadala + G42), Sheikh Tahnoun bin Zayed-chaired; sovereign-directed toward an AI/tech mandate with few fiduciary constraints. 1 src →
Gravity med
GROSS — anchors the AI-infra economy: Stargate ($500B target), GAIIP (w/ BlackRock+Microsoft), Aligned Data Centers ($40B), Europe's largest AI DC (Mistral/Nvidia). 1 src →

Projects & threads

· Stargate coalition ↳ Datacenter Sites — developing · last seen 2026-07-28 · 6 entries

Full item history for MGX →

Vocabulary