MGX Eyes Big Move Into Asia With Potential DayOne Deal

Abu Dhabi‑backed AI firm MGX is looking to buy Singapore data centre company DayOne, a move that could launch the group into the Asian market. The talks are still private and MGX has been working with a bank to prepare for the purchase. DayOne plans to go public in the U. S. , hoping to raise about $20 billion. MGX may not be able to meet that valuation, so the deal could fall through and the company might still opt for an IPO. MGX was founded just over two years ago by Mubadala, a $385 billion UAE sovereign wealth fund, and AI company G42. It is guided by Sheikh Tahnoon bin Zayed Al Nahyan, a national security adviser and brother of the UAE president.The firm aims to invest more than $100 billion across the entire AI supply chain, from data centres to the chips that run them. The UAE is pouring money into tech as part of a strategy to diversify its economy. In other moves, MGX bought 15 % of TikTok’s U. S. arm and invested $2 billion in crypto exchange Binance. DayOne has already attracted investors such as Coatue Management, SoftBank Vision Fund and Ken Griffin of Citadel Securities. The potential purchase would be MGX’s first acquisition in Asia and could accelerate its rapid global growth.