Abu Dhabi AI fund MGX seeks to acquire Singapore AI startup DayOne.

Abu Dhabi-based AI investment firm MGX is seeking to acquire Singapore-based company DayOne, marking its first major move in Asia. The deal has not been finalized yet, but it is part of MGX's push to expand its global footprint in AI and technology.

DayOne operates data centers in Asia and Europe and has been planning a U.S. initial public offering with a target valuation of $20 billion. MGX was established by Mubadala and G42 as founding partners and has already invested in major enterprises including OpenAI and TikTok's U.S. operations. If the deal proceeds successfully, it could accelerate MGX's rapid expansion plans and the UAE's aspirations in the technology sector, although DayOne may still choose to pursue a public listing instead.