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SAVRN Research · Capital Atlas · Pension and sovereign wealth

MGX Data Center Capex and Sites

MGX sits at the intersection of the three largest structures in the atlas. It is one of the initial equity funders of Stargate alongside SoftBank, OpenAI and Oracle, a program targeting $500 billion of US AI infrastructure investment over four years with $100 billion deployed immediately, beginning in Texas. It is a founding partner of the AI Infrastructure Partnership ($30 billion equity, up to $100 billion with debt) and a co-acquirer of Aligned Data Centers at a $40 billion enterprise value, closed July 21, 2026, covering 51 campuses and 6.4GW. It also participated in xAI's $6 billion Series C.

Updated October 8, 2026 0 named sites 6 financing transactions 6 sourced facts 16 sources
MGX
Pension and sovereign wealth
Financing regimefounding equity in mega-programs, consortium partnership and platform acquisition
Named sites
0
Site-level commitments the atlas ties to MGX
Disclosed site capital
n.a.
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
n.a.
Sum of named sites with a stated megawatt figure
Financing transactions
6
Transactions naming MGX or tied to one of its sites
Spending

Reported and guided spending

MGX has no reported or guided spending line in the atlas. Its position is recorded through its named sites, its transactions and its sourced facts below.
Named sites

Where MGX builds

MGX has no named site commitment on record in the atlas as of October 8, 2026. That is normal for a pension and sovereign wealth position: the capital shows up in the transactions below rather than on a site of its own.
Financing

Financing transactions

Transactions that name MGX as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
OpenAI + SoftBank + Oracle + MGX
Stargate launched as a new company intending to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States, starting in Texas, with SoftBank, OpenAI, Oracle, and MGX as initial equity funders.
 platform ≥$500B January 2025 n.a.
AIP + MGX + BlackRock GIP + Macquarie Asset Management (seller) + Macquarie Asset Management + Aligned Data Centers
The largest North American data center transaction of the period, covering a platform of 6.4GW across 51 locations. Macquarie Asset Management led the sale as exiting sponsor.
 acquisition ≥$40.0B announced October 16, 2025; closed July 21, 2026 n.a.
MGX + BlackRock + Kuwait Investment Authority + Temasek + Nvidia + xAI + Microsoft + AI Infrastructure Partnership + GIP
MGX is a founding partner of the AI Infrastructure Partnership (AIP), seeking $30 billion of equity scaling to up to $100 billion including debt financing. Kuwait Investment Authority joined in June 2025 and Temasek made an anchor investment at the October 2025 initial closing.
 platform $30.0B n.a. in source; KIA joined June 2025, Temasek anchored October 2025 initial closing n.a.
xAI + A16Z + Blackrock + Fidelity Management & Research Company + Kingdom Holdings + Lightspeed + MGX + Morgan Stanley + OIA + QIA + Sequoia Capital + Valor Equity Partners + Vy Capital
xAI closed its Series C funding round of $6 billion with participation from key investors, bringing its total funding to date over $12 billion.
 equity raise ≥$6.0B 23 December 2024 n.a.
Aligned Data Centers + AI Infrastructure Partnership + MGX + Global Infrastructure Partners
After closing the $40 billion acquisition of Aligned from Macquarie Asset Management, the AIP, MGX and GIP consortium plans to invest $5 billion in the company, primarily to expand capacity. Aligned has more than 6.4 GW of operational and planned capacity across the Americas, according to the report
 equity raise ~$5.0B Reported by Bloomberg 21 July 2026, via The Real Deal n.a.
SoftBank + OpenAI + Oracle + MGX
SoftBank, OpenAI, Oracle, and MGX are the initial equity funders in the Stargate Project, with OpenAI and SoftBank each reported at a 40% stake.
 jv equity n.a. Announced January 2025 n.a.
The record

Sourced facts on MGX

  • MGX is one of the initial equity funders of Stargate, alongside SoftBank, OpenAI and Oracle, a program targeting $500 billion of investment in US AI infrastructure over four years with $100 billion deployed immediately, beginning in Texas.
  • MGX is a founding partner of AIP, seeking $30 billion of equity scaling to up to $100 billion including debt financing.
  • MGX is a co-acquirer of Aligned Data Centers at $40 billion enterprise value, closed July 21, 2026, covering 51 campuses and 6.4GW.
  • MGX participated in xAI's $6 billion Series C.
  • SoftBank's Stargate disclosures cite more than $400 billion of investment over three years across five new US sites totalling nearly 7 gigawatts, plus an additional $22.5 billion SoftBank investment in OpenAI completed Dec. 26.
  • No other single investor appears in the equity stack of the largest lab programme, the largest sponsor consortium and the largest platform acquisition simultaneously.
Sources

Sources for MGX

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Pension and sovereign wealth: one page each

ADIA (Abu Dhabi Investment Authority) 0CalPERS 0CDPQ / La Caisse 2CPP Investments (CPPIB) 1GIC 0Kuwait Investment Authority 0MGX 0Mubadala 0Ontario Teachers' Pension Plan (OTPP) 1PSP Investments 0Qatar Investment Authority 0Temasek 0

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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