Elon Musk’s artificial intelligence company xAI and chipmaker Nvidia are the latest partners in a multibillion-dollar AI infrastructure fund backed by BlackRock, Microsoft and Abu Dhabi’s MGX fund.
xAI and Nvidia are the latest additions to the who’s who list of companies rushing to build data centres and energy projects to power the fast-emerging generative AI space.
BlackRock, Global Infrastructure Partners, @Microsoft , and MGX welcome @nvidia and @xai to the AI Infrastructure Partnership (AIP), further strengthening the partnership's technology leadership as the platform seeks to invest in AI infrastructure. Additionally, @GEVernova and… pic.twitter.com/b18PYUaKZk
— BlackRock (@BlackRock) March 19, 2025
Nvidia And xAI Join The AI Infrastructure Partnership, Which Is Fast Becoming The Avengers Of The Tech Space
In a joint Business Wire press release today (March 19), the technology groups said xAI and Nvidia have joined the so-called AI Infrastructure Partnership.
The statement goes on to announce its plans to initially raise $30 billion from various investors and companies, with the ultimate goal of securing up to $100Bn in total investment, including debt financing.
The investment partnership aims to address the astounding power and digital infrastructure demands of building AI products. At current rates, AI projects are expected to face severe capacity bottlenecks in the coming years. The computing power required for AI technology is far more than that required for previous technological innovations.
BlackRock launched the fund in September last year alongside Microsoft and Abu Dhabi AI investment fund MGX. Nvidia, which was already working with the fund as a technical consultant, is now becoming a full partner alongside Musk’s xAI.
xAI is fast emerging as a competitor to AI start-ups such as OpenAI and China’s DeepSeek. xAI recently announced plans to deploy more than 1 million graphics processing units, the chips needed to train cutting-edge AI. The firm already operates a cluster of more than 100,000 Nvidia GPUs.
MGX And Nvidia Speak On Plans For The AI Infrastructure Fund
“The global buildout of AI infrastructure will benefit every company and country that wants to achieve economic growth and unlock solutions to the world’s greatest challenges,” said Nvidia chief Jensen Huang.
Another large part Part of the financial muscle behind the fund comes from Abu Dhabi. While its neighbour Saudi Arabia is going all in on sports, quickly becoming the world’s fight capital, the United Arab Emirates is leveraging its vast oil wealth to bet heavily on AI.
Its efforts are being led by the UAE’s powerful national security adviser Sheikh Tahnoon bin Zayed al-Nahyan, who just yesterday was brushing shoulders with US President Donald Trump during a visit to Washington. Following said meeting, Sheikh Tahnoon, also the chair for MGX, stated his belief that “AI underpins the future”.
Tahnoon bin Zayed is the most important Middle East figure you probably have never heard about. I did a deep dive into his AI ambitions for Wired in January: https://t.co/A3gI0uFFQw Here he is with @realDonaldTrump from this week pic.twitter.com/f1ZfyXHsNb
— Bradley Hope (@bradleyhope) March 19, 2025
The latest addition of two more juggernauts to the partnership comes just two months after SoftBank and OpenAI, the company behind ChatGPT, launched their own “Stargate” project to build AI infrastructure.
President Trump has previously endorsed Stargate, which plans to spend up to $500 billion. Stargate is made up of OpenAI, Oracle, SoftBank, and, interestingly, MGX.
Tech companies have committed vast sums of capital expenditure dedicated to the buildout of AI. Microsoft recently pledged to spend roughly $80 billion in the current fiscal year ending June 30 to build the data centre infrastructure necessary to train AI models and deploy applications.
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Elon Musk's xAI and leading graphics card maker Nvidia join BlackRock's 'AI Infrastructure Fund'
- The AI Infrastructure fund also includes UAE’s MGX and Microsoft
- The partnership is aimed at addressing the issues within AI as the technology requires unprecedented amounts of infrastructure
- Donald Trump recently backed the Stargate project, a similar initiative to BlackRocks, led by OpenAI, Oracle and MGX. It is pledging $500 billion to address AI infrastructure issues
- Mind Of Pepe (MIND) hits $7.4m in presale funding as it is fast emerging as a blue-chip AI play for 2025
