MGX Eyes Big Move Into Asia With Potential DayOne Deal

MGX, a UAE‑backed artificial intelligence company, is in talks to purchase Singapore‑based data centre operator DayOne.
The deal could mark MGX’s first foray into the Asian market and potentially accelerate its global expansion.

Key Points

• Private Negotiations
  MGX is collaborating with a bank to prepare for the purchase, but details remain confidential.

• DayOne’s IPO Ambitions
  DayOne plans to list in the U.S., targeting a valuation of roughly $20 billion.
  MGX may struggle to match this figure, raising the possibility that the acquisition could collapse and DayOne might proceed with its IPO instead.

• MGX’s Origins & Leadership
• Founded over two years ago by Mubadala (a $385 billion UAE sovereign wealth fund) and AI company G42.
• Guided by Sheikh Tahnoon bin Zayed Al Nahyan, national security adviser and brother of the UAE president.

• Strategic Vision
  MGX aims to invest $100 billion+ across the AI supply chain—from data centres to chips.

• Diversification Effort
  The UAE is injecting capital into technology as part of a broader strategy to diversify its economy.

• Recent Investments
• 15 % stake in TikTok’s U.S. arm.

• $2 billion investment in Binance, the crypto exchange.

• DayOne’s Investor Base
  Backed by notable firms such as Coatue Management, SoftBank Vision Fund, and Ken Griffin (Citadel Securities).

Implications

• First Asian Acquisition
  This move would be MGX’s inaugural purchase in Asia, potentially unlocking new growth avenues.

• Rapid Global Growth
  The acquisition aligns with MGX’s aggressive expansion plans, positioning it as a major player in the global AI infrastructure market.