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Alpha Dhabi is putting its AI gains back to work. The ADX-listed IHC unit agreed to commit USD 1 bn (AED 3.67 bn) to Alpha Wave III, the next global fund from US manager Alpha Wave Global, according to a disclosure to the bourse (pdf). The fund will invest globally in AI and high-growth tech companies. Alpha Dhabi plans to fund it from a mix of cash distributions from the previous fund, Alpha Wave Ventures II (AWV II), and existing resources. The commitment still needs approvals.
The first fund has more than paid for itself on paper. Alpha Dhabi committed AED 9.2 bn to AWV II in 2022. Its c. 24% stake in that fund was valued at AED 14.3 bn at the end of June. The stake gives it indirect exposure to SpaceX, Anthropic, OpenAI, and Cerebras. Alpha Dhabi also delivered AED 3.7 bn in fair-value gains in 1H 2026, which helped push its net income up 48% to AED 9.8 bn, as we reported in August.
The money also stays inside the IHC family. IHC’s financial services arm Judan agreed in March to buy 50.1% of Alpha Wave Global. Judan was set up to consolidate financial services assets from IHC and Alpha Dhabi, among others.
The bigger picture: Abu Dhabi wants a seat at every frontier AI lab. MGX co-led Anthropic’s USD 30 bn Series G in February and came back for its USD 65 bn Series H in May. It is now in talks to join OpenAI’s next USD 30 bn round, in addition to its investment in Elon Musk’s xAI.
What’s next: Anthropic’s listing, expected in mid-November, will give the market its first public price for one of AWV II’s biggest private holdings. Investors have trimmed their valuation expectations to c. USD 1.5 tn from USD 2 tn. Alpha Dhabi’s 3Q results will show how the AWV II mark held up. Alpha Wave III will draw down its capital over time, as the fund calls it.
