Key Takeaways
- • A study released Friday by Spain-based IE University found sovereign wealth funds managing more than $15 trillion are increasingly prioritizing strategic national goals alongside returns, according to Reuters.
- • AI accounted for about one-third of the spending tracked by the study, with capital flowing to Stargate, OpenAI and Databricks.
- • Direct investment transactions fell 17% to 391 deals, while total spending rose 91% to $404 billion versus the university's 2024 report, signaling a shift toward larger deals.
- • The U.S. attracted the most capital at $220.4 billion over the 18 months to December 2025, while Singapore's Temasek led by deal volume with 71 transactions.
- • The study tracked 12 new sovereign funds, including MGX, and researchers warn the figures capture only "the tip of the iceberg" given limited disclosure.
Summary
Shifting geopolitical alliances are pushing sovereign wealth funds to place greater emphasis on strategic national priorities, from resilient infrastructure to key domestic industries, alongside investment returns, according to a study released Friday by Spain-based IE University and reported by Reuters. The study, which covers sovereign wealth funds managing more than $15 trillion, found that governments increasingly treat artificial intelligence and semiconductors as strategic assets and are using these funds to fund that agenda.
AI was the single largest theme in the study's tracked spending, accounting for roughly one-third of activity. Capital from sovereign investors with long-term horizons has flowed to companies including Stargate, OpenAI and Databricks. Recent deals cited include Abu Dhabi-based MGX's backing of OpenAI, funding for xAI from MGX, the Qatar Investment Authority and the Oman Investment Authority, and participation by QIA and Singapore's GIC in Anthropic's $13 billion funding round.
The report shows a shift toward larger tickets. Direct investments fell 17% from the previous reporting period to 391 transactions, but total spending jumped 91% to $404 billion compared with the university's 2024 report. The U.S. drew the largest share at $220.4 billion over the 18 months to December 2025, helped by its AI focus. Energy-rich nations, including Gulf states and Norway, were major spenders, while Singapore's Temasek led on deal count with 71 transactions. The study also tracked 12 new funds, including MGX and funds in Ireland, Britain, Botswana and Spain.
Editor Javier Capapé, director of sovereign wealth research at IE University, said the fragmented global order has had a clear impact, with governments using sovereign funds to deploy national strategies and build stronger positions in global value chains. He added that non-market factors are carrying more weight than in any period since the end of the Cold War. Capapé cautioned that the figures reflect only "the tip of the iceberg," since many sovereign fund investments are not publicly disclosed.
AI was the single largest theme in the study's tracked spending, accounting for roughly one-third of activity. Capital from sovereign investors with long-term horizons has flowed to companies including Stargate, OpenAI and Databricks. Recent deals cited include Abu Dhabi-based MGX's backing of OpenAI, funding for xAI from MGX, the Qatar Investment Authority and the Oman Investment Authority, and participation by QIA and Singapore's GIC in Anthropic's $13 billion funding round.
The report shows a shift toward larger tickets. Direct investments fell 17% from the previous reporting period to 391 transactions, but total spending jumped 91% to $404 billion compared with the university's 2024 report. The U.S. drew the largest share at $220.4 billion over the 18 months to December 2025, helped by its AI focus. Energy-rich nations, including Gulf states and Norway, were major spenders, while Singapore's Temasek led on deal count with 71 transactions. The study also tracked 12 new funds, including MGX and funds in Ireland, Britain, Botswana and Spain.
Editor Javier Capapé, director of sovereign wealth research at IE University, said the fragmented global order has had a clear impact, with governments using sovereign funds to deploy national strategies and build stronger positions in global value chains. He added that non-market factors are carrying more weight than in any period since the end of the Cold War. Capapé cautioned that the figures reflect only "the tip of the iceberg," since many sovereign fund investments are not publicly disclosed.
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