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Magic Leap

Magic Leap, Inc. is an American () technology company founded in 2011 by Rony Abovitz and headquartered in . The company develops see-through AR hardware and software, specializing in innovative waveguides, display systems, and wearable devices that enable users to interact with overlaid on the physical world in a stable, immersive manner. Magic Leap gained significant attention for its ambitious vision of cinematic AR experiences, raising over $4 billion in funding from high-profile investors including , Alibaba, , and Saudi Arabia's (PIF), which has been the majority owner since 2022 and positioned it as one of the most heavily backed startups in the AR industry. Its flagship consumer product, the Magic Leap One headset launched in 2018, promised lightweight, high-fidelity AR but underperformed in sales, leading to end of support on December 31, 2024, with the device ceasing to function thereafter due to disabled cloud services, and a strategic shift toward enterprise solutions. In 2022, Magic Leap released the Magic Leap 2, an enterprise-grade headset designed for applications in healthcare, , , and , featuring improved and capabilities. The company has since emphasized in and R&D, holding thousands of patents in AR and, in October 2025, extended its partnership with to prototype lightweight AR glasses for broader market adoption. Amid ongoing financial pressures, including 2024 layoffs in sales and marketing teams and a $205 million from PIF in October 2025, Magic Leap continues to focus on B2B AR innovations to sustain its operations.

Overview

Founding and mission

Magic Leap was founded in 2011 by Rony Abovitz in , following his previous venture, Surgical, a company focused on surgical applications. The company's initial mission centered on developing "" experiences that seamlessly blend digital overlays with the physical world, leveraging lightfield technology to deliver immersive augmented reality (AR) without isolating users from their real environment. From its early days, Magic Leap emphasized proprietary waveguide optics to create see-through AR displays, setting it apart from virtual reality (VR) by prioritizing integration with the surrounding environment rather than full immersion in a simulated space. Abovitz's background in robotics through MAKO Surgical and his interests in entertainment profoundly shaped the company's innovative approach, drawing parallels between precise robotic manipulation and the creation of interactive digital-physical hybrids.

Current status and leadership

Magic Leap is majority owned by Saudi Arabia's (PIF), which acquired a controlling stake in the company for $450 million in December 2022, marking a significant shift in ownership and strategic direction. This investment has steered the company toward enterprise-focused (AR) solutions, emphasizing B2B applications and international collaborations, including a multi-year extension of its partnership with announced in October 2025 to co-develop advanced AR technologies. The company's headquarters are located in , supporting its core operations in AR and , with additional offices in and to facilitate global R&D and partnerships. As of late 2025, Magic Leap employs approximately 1,100 people worldwide, concentrating its workforce on developing AR solutions tailored for sectors like healthcare, , and . Ross Rosenberg has served as since his appointment in late 2023, leveraging his extensive background in technology leadership from prior roles at companies like Belden and . The executive team includes prominent figures such as Julie Larson-Green, with prior experience as a senior executive at . In alignment with its enterprise pivot, Magic Leap has increasingly focused on licensing its proprietary optics technologies and supplying components to partners, rather than pursuing consumer device production, as demonstrated by its role in prototyping lightweight glasses under the collaboration revealed in 2025. This strategic evolution supports sustainable growth through intellectual property monetization and ecosystem integration.

History

2010–2017: Founding, funding, and secrecy

Magic Leap was founded in 2011 by Rony Abovitz in , emerging from his prior work at , where he developed robotic-assisted orthopedic systems that informed the company's initial focus on precise technologies. Early research and development centered on fiber scanning display (FSD) prototypes for , utilizing vibrating optical fibers to project high-resolution light fields directly into users' eyes without traditional screens. These efforts aimed to create lightweight, see-through AR experiences by miniaturizing scanning mechanisms capable of rendering dynamic imagery. The company secured its first major funding in February 2014 with a $50 million from undisclosed investors, enabling expansion of its core team and prototype iterations. Later that year, in October, Magic Leap raised $542 million in a Series B round led by , with participation from , Ventures, and , marking one of the largest investments in AR at the time. This influx supported accelerated hiring and secretive prototyping, bringing total funding to approximately $592 million by the end of 2014. By early 2016, Magic Leap had raised an additional $793.5 million in a Series C round led by Alibaba Group, pushing cumulative funding past $1.4 billion and valuing the company at $4.5 billion post-money, as reported by Forbes. Throughout this period, the company maintained intense secrecy, requiring non-disclosure agreements (NDAs) for thousands of demo participants, including select partners and investors, while limiting public access to its technology. Demos were conducted in controlled environments using bulky, tethered prototypes, often connected to external computers, to showcase immersive AR overlays like virtual creatures interacting with real-world spaces. To build anticipation without revealing details, Magic Leap released teaser videos, such as a 2015 clip demonstrating a and in a living room—later revealed to have been produced using rather than live hardware—and a 2016 raw footage demo of animations like a solar system projection. These efforts fueled widespread hype in tech media, positioning the company as a potential disruptor in despite no consumer product. Abovitz prioritized recruiting experts in and , including optical engineers to refine fiber-based projection systems and vision specialists to handle real-time environmental mapping and . Among early hires was author as a creative to guide narrative-driven applications. The company also established internal training programs to upskill employees on proprietary principles, fostering a collaborative "university-like" environment for interdisciplinary learning. In October 2017, Magic Leap closed a $502 million Series D round led by , with investments from Alibaba, , and others, elevating total funding to nearly $1.9 billion and underscoring sustained investor confidence in its secretive development trajectory. This capital fueled further team growth to over 1,000 employees and prototype refinements, though the company remained pre-product launch.

2018–2021: Product launches and challenges

In August 2018, Magic Leap launched its first product, the Magic Leap One Creator Edition, an headset targeted initially at developers and creators, with shipments beginning that month in select U.S. cities through partner . Priced at $2,295, the device aimed to enable experiences blending digital content with the physical world, though early access was limited to professional users to build an initial ecosystem of applications. By April 2019, Magic Leap expanded availability to consumers, maintaining the $2,295 price point and positioning the headset for entertainment, productivity, and creative uses in . That same month, the company secured a $280 million from Japan's , which became its exclusive telecom partner in the country and helped fund further development amid growing operational costs. Initial reception of the Magic Leap One was mixed: reviewers praised its wider compared to competitors like Microsoft's HoloLens, enabling more immersive overlay of digital elements, but criticized the device's bulkiness, tethered design, and a nascent app ecosystem that lacked diverse, polished content. In December 2019, facing slower-than-expected adoption in the consumer market, Magic Leap pivoted to an focus, rebranding the headset as Magic Leap 1 and introducing a $2,995 edition with added support services. The shift emphasized industrial applications, such as remote collaboration and training, with new partnerships including for workforce solutions, for communication tools, and Pttrns for design visualization, aiming to target sectors like and healthcare where could provide measurable productivity gains. The challenges intensified in amid the and persistent market hurdles; in April, Magic Leap laid off approximately 1,000 employees—about half its workforce—to streamline operations and refocus resources on enterprise growth. Later that May, the company raised $350 million from existing and new investors, providing a financial lifeline to support the pivot and avoid deeper cuts. Founder and CEO Rony Abovitz stepped down in late May, transitioning leadership to emphasize business-oriented strategy. Peggy Johnson, former executive vice president of business development at , assumed the CEO role on August 1, 2020, bringing expertise in partnerships and enterprise sales to guide the company's recovery. By mid-2021, Magic Leap faced additional operational adjustments, including the departure of several top executives in June, as it continued to navigate funding constraints and build enterprise traction amid a competitive landscape.

2022–present: Acquisition and recent developments

In October 2022, Magic Leap launched the Magic Leap 2, its second-generation headset targeted exclusively at users, marking a strategic pivot toward professional applications following earlier consumer-focused efforts. The company's financial stability was bolstered in December 2022 when Saudi Arabia's (PIF) acquired a stake for $450 million, granting PIF through four board seats and enabling Magic Leap to refocus on sustainable operations after prior setbacks like layoffs in 2020–2021. In October 2023, Ross Rosenberg was appointed CEO, succeeding , to further drive the . From 2023 to 2024, Magic Leap experienced growth in the sector with ongoing investments from PIF totaling $750 million as of August 2024, supporting applications in healthcare and advancing capabilities in training simulations through partnerships like those with Software for remote expert workflows and immersive technical training. In July 2024, the company laid off approximately 75 employees from its sales and marketing teams, shifting focus toward licensing. In May 2024, Magic Leap entered a strategic partnership with to collaborate on hardware components, leveraging Magic Leap's optics expertise alongside Google's platforms for immersive experiences. In October 2025, the partnership was extended for three years, during which the companies showcased a heads-up display () glasses at an event in , emphasizing compact, high-quality designs. That same month, Magic Leap obtained $205 million in financing from PIF to fund of compact glasses. Amid the maturing market, Magic Leap has increasingly focused on licensing its technology to other firms, positioning itself as a key enabler of lightweight hardware ecosystems.

Products

Magic Leap One

The Magic Leap One, the company's inaugural commercial augmented reality (AR) headset, was released in August 2018 as the Creator Edition targeted at developers, priced at $2,295. This launch occurred amid widespread industry anticipation for AR hardware breakthroughs following years of secretive development by Magic Leap. The device aimed to deliver immersive mixed reality experiences by overlaying digital content onto the real world through advanced optics and sensors. The headset's design featured a lightweight head-mounted display known as the Lightwear, weighing approximately 325 grams, connected via a tethered cable to an external compute unit called the Lightpack, which was worn on the belt and weighed about 415 grams. This modular approach distributed processing power away from the head to enhance comfort during extended use, though the cable limited mobility compared to fully wireless alternatives. The Lightpack housed the core hardware, including an NVIDIA Tegra X2 system-on-chip (SoC) with dual Denver 2 cores and quad ARM Cortex-A57 cores, 8 GB of RAM, and 128 GB of storage. The display utilized waveguide optics to project AR imagery with a resolution of 1280 × 960 pixels per eye, a 50° diagonal field of view, and a 120 Hz refresh rate for smooth visuals. Additionally, the system incorporated inside-out tracking cameras and inertial measurement units to enable six degrees of freedom (6DoF) positional tracking for both the headset and interactions. Complementing the core components, the Magic Leap One included a dedicated controller with a , buttons, and vibrating for intuitive input, alongside a fitted carrying case for portability. The device supported early applications in domains such as , , and design, leveraging 6DoF controller tracking and basic hand-tracking capabilities for gesture-based interactions within its Lumin OS software platform. Developers could create experiences that anchored virtual objects to the physical environment with . By 2022, Magic Leap phased out the Magic Leap One in favor of an enterprise-oriented focus, ceasing new sales and eventually ending support, with cloud services and core functionality terminating on December 31, 2024.

Magic Leap 2

The Magic Leap 2, an enterprise-focused headset, was released on , 2022, starting at $3,299 for the base edition targeted at professionals and developers. Unlike its predecessor, the Magic Leap 2 features a standalone design without an external compute pack, emphasizing portability and comfort for professional applications in sectors such as healthcare, , and training. The headset weighs 260 grams and includes an adjustable head strap for extended wear. It is powered by a quad-core AMD Zen 2 x86 processor, 16 GB of LPDDR5 RAM, and 256 GB of NVMe storage. The display system uses advanced waveguide optics with a resolution of 1440 × 1760 pixels per eye, a 70° diagonal field of view (45° horizontal by 55° vertical), and supports dynamic dimming for improved contrast in varying lighting conditions. The device incorporates multiple cameras for inside-out 6DoF tracking, eye tracking, and enhanced hand tracking, enabling precise gesture-based interactions. Input options include 6DoF controllers with , as well as direct hand and eye gaze controls integrated into the Magic Leap OS (based on ). The headset supports spatial audio with built-in speakers and microphones, 6E connectivity, and up to 3.5 hours of battery life for continuous use. Magic Leap 2 is designed for immersive experiences, such as remote collaboration and simulations, and remains the company's primary product as of November 2025.

Technology

Hardware components

The Magic Leap 2 features an quad-core x86 processor for general computing tasks, paired with an GPU consisting of 4 Work Group Processors (WGPs) for graphics rendering. It includes 16 GB of and NVMe options of 128 GB or 256 GB. The device incorporates multiple sensors for spatial tracking and interaction, including dual (Inertial Measurement Units), four environment-facing cameras for (), a depth sensor using Time-of-Flight (ToF) technology, ambient light sensors, and additional cameras for hand and . The compute pack, which houses the main processing unit, connects via a to the headset, offloading weight and heat from the user's head.

Optics and display systems

Magic Leap's optics rely on proprietary diffractive technology, which projects collimated light fields directly into the user's eye to create see-through overlays without requiring bulky projection screens or mirrors. These waveguides use surface relief gratings to couple in and expand digital light across multiple colors, enabling compact, full-color AR displays that maintain for the real world. The design supports simultaneous handling of , , and wavelengths, resulting in vibrant, high-fidelity virtual content fused with the physical environment. The field of view in Magic Leap's systems has progressed from 50 degrees diagonal in the to 70 degrees diagonal in the , allowing for broader immersion and more natural spatial interactions. To address visibility challenges in diverse lighting, the introduces dynamic dimming technology via integrated electrochromic films that selectively attenuate ambient light, improving contrast ratios and reducing washout effects from 22% light transmission in clear mode up to near-blackout for enhanced virtual object legibility. Display resolution emphasizes clarity for AR applications, with the Magic Leap One delivering 1280 × 960 pixels per eye and the Magic Leap 2 advancing to 1440 × 1760 pixels per eye, supporting detailed overlays in workflows. Optical innovations include advanced pupil expansion through double-sided gratings with spatially varying thicknesses, which enlarges the eye-box for comfortable viewing across head positions and enables shared visibility in collaborative settings. These waveguides also achieve 2-3 times greater color uniformity and 12 times higher efficiency compared to prior generations, minimizing rainbow artifacts from diffractive structures. Magic Leap maintains an extensive patent portfolio exceeding 2,000 filings related to light manipulation and waveguide optics, covering innovations in distributed light control and grating designs that have shaped industry benchmarks for compact AR glasses. These technologies have been adapted for prototypes, such as the 2025 HUD glasses developed in partnership with Google, demonstrating scalable applications in wearable displays.

Software platform

Magic Leap OS is an Android-based operating system derived from the Android Open Source Project (AOSP), specifically built on Android 10 (API level 29), which enables compatibility with standard Android development tools and APIs while incorporating custom extensions for augmented reality (AR) functionality. This foundation replaced the earlier custom Lumin OS used in the Magic Leap One, streamlining development for the Magic Leap 2 by allowing direct use of Android APKs and reducing the need for proprietary packaging. Key AR extensions include the Spatial Anchors API, which supports on-device and cloud-based anchoring for persistent placement of virtual objects in physical spaces across sessions. Additionally, the platform provides dedicated APIs for hand tracking, enabling gesture recognition through natural hand movements without controllers, and eye tracking, which delivers gaze ray data at approximately 60 Hz for applications requiring foveated rendering or user attention analysis. The Magic Leap software development kit (SDK) integrates seamlessly with popular game engines, including and , to facilitate application creation. For , developers can leverage support with Magic Leap-specific extensions for input handling, spatial mapping, and asset management, including tools for importing 3D models and optimizing them for rendering. Unreal Engine integration requires compiling a custom fork of 5 from source, incorporating the Magic Leap SDK for access to features like gesture-based interactions and 3D asset pipelines. These tools emphasize via the hand tracking , allowing developers to implement intuitive controls such as pinch-to-select or point-and-drag without additional hardware. The app ecosystem for Magic Leap devices focuses on enterprise use cases, with a growing portfolio of applications tailored for professional environments, including remote assistance tools like Magic Leap Assist, which enables sharing of real-world views and digital overlays for collaborative troubleshooting. This ecosystem supports deployment of custom experiences at scale, leveraging the platform's compatibility for cross-device portability and enterprise workflows such as training and field support. Security features prioritize enterprise-grade protections, including industry-standard encryption such as TLS for transmitting sensitive data like credentials and API keys, alongside secure storage APIs for handling confidential information on-device. mechanisms support deployments through identity providers, often involving multi-step verification like QR code-based logins generated by IT administrators, aligning with Android's app best practices to mitigate vulnerabilities. Magic Leap 2 receives updates to deliver performance optimizations, bug fixes, and new features, with releases such as version 1.12.0 made available directly to devices for seamless enterprise management. These updates enhance capabilities, including improved tracking stability and integration with evolving standards, ensuring for deployed applications.

Business

Funding and investors

Magic Leap has raised approximately $3.98 billion in funding across 12 rounds, encompassing both and financings, as of 2025. This substantial capital influx supported the company's development during its early secretive phase, where limited public disclosure was maintained to protect . Key early funding rounds included a Series B in October 2014, where led a $542 million investment, marking one of the largest venture rounds for an startup at the time. This was followed by a Series C in February 2016, raising $793.5 million from investors including Alibaba, , and , which propelled the company's to $4.5 billion. Later significant rounds comprised $280 million from in April 2019 to bolster applications, $350 million from existing backers in May 2020 amid operational , and $500 million in October 2021 at a $2 billion valuation. The most recent infusion was $205 million in debt financing in October 2025, led by the . The company's valuation peaked at $4.5 billion following the 2016 round but declined to around $2 billion by 2022, reflecting market challenges in the AR sector. Major investors have included , Alibaba, , , , and the of , which became the majority owner. Other notable backers encompass , , and Vulcan Capital. Magic Leap has faced financial pressures, including a high cash that necessitated down rounds, staff reductions, and increasing reliance on debt to sustain operations through 2025.

Acquisitions

Magic Leap has undertaken six acquisitions between 2016 and 2019 to strengthen its () ecosystem, focusing on cybersecurity, , , , technologies, and 3D content creation. These moves were enabled by the company's substantial funding rounds, particularly the $793.5 million raised in early 2016. In April 2016, Magic Leap acquired NorthBit, an cybersecurity firm specializing in software protection and solutions. The acquisition aimed to integrate advanced encryption and threat detection technologies into Magic Leap's AR hardware, safeguarding sensitive user data in immersive environments. NorthBit's team and expertise were absorbed into Magic Leap's efforts to enhance platform security. In August 2016, Magic Leap acquired Virtroid, a company providing three-dimensional () based technology for creating photorealistic content. This acquisition enhanced Magic Leap's capabilities in and rendering for applications. The following year, in February 2017, Magic Leap purchased the and modeling division of Dacuda, a computer company. This deal brought proprietary algorithms for high-fidelity capture and reconstruction, improving applications involving real-world object scanning and digital overlay. Dacuda's engineers joined Magic Leap to refine spatial mapping features central to its devices. In April 2017, Magic Leap acquired FuzzyCube Software, a Texas-based mobile gaming studio founded by former Apple engineers. The studio's experience in developing interactive applications bolstered Magic Leap's software tools for creating engaging content, with its developers contributing to the company's creator platform and early app ecosystem. October 2018 saw the acquisition of Computes, a startup focused on decentralized computing. This technology enabled distributed processing across networked devices, addressing computational demands for complex rendering without relying solely on local . Computes' innovations were integrated to optimize performance in Magic Leap's waveguide-based systems. Finally, in May , Magic Leap acquired Mimesys, a Belgian firm developing volumetric video and software. Mimesys' tools for real-time holographic avatars enhanced collaborative experiences, such as remote meetings with lifelike digital representations. The acquisition accelerated Magic Leap's push into enterprise applications, with the team embedding co-presence features into the Magic Leap One platform. Collectively, these acquisitions integrated specialized teams into Magic Leap's R&D operations, accelerating advancements in AI-driven features, secure data handling, and scalable interactions. By 2025, the technologies from these deals continued to underpin the company's enterprise-focused products, though no further acquisitions have been reported since 2019.

Partnerships and collaborations

In 2018, entered into an exclusive partnership with Magic Leap to serve as the primary U.S. wireless carrier and distribution partner for the Magic Leap One device, providing mobile data services and handling consumer sales through its network. This agreement positioned as the sole distributor for Magic Leap's consumer products in the United States, leveraging its infrastructure to support the headset's connectivity needs. Magic Leap has pursued compatibility and collaborative development within Microsoft's mixed-reality ecosystem, enabling easier porting of applications between devices like the and Magic Leap 2 through shared tools such as the Mixed Reality Toolkit (MRTK). By 2022, this relationship evolved into "," with Magic Leap focusing on enterprise solutions that complement rather than directly compete with Microsoft's offerings, facilitating cross-platform app development in mixed-reality environments. In the enterprise space, Magic Leap secured deals to expand global deployment, including integrations with major service providers that supported adoption in professional settings. Collaborations with have centered on GPU optimization for high-performance , particularly through CloudXR integration for off-device computing and streaming of large-scale digital twins to Magic Leap devices. This partnership enhances rendering capabilities for enterprise applications, allowing real-time visualization of complex models without overburdening the headset's onboard hardware. For software development, Magic Leap has long collaborated with , integrating the engine as a core tool for building applications since the company's early SDK rollout in 2018. This alliance provides developers with optimized workflows, including Unity's AR Foundation for cross-platform compatibility, enabling the creation of immersive experiences tailored to Magic Leap hardware. A pivotal development occurred in May 2024, when Magic Leap announced a strategic technology partnership with Google to co-develop components for next-generation augmented reality glasses, including advanced waveguide optics supplied by Magic Leap to enhance display quality and compactness. This multi-faceted alliance combines Magic Leap's expertise in spatial computing optics with Google's software and hardware platforms to accelerate immersive AR solutions. The partnership with was extended in October 2025 through a three-year agreement, during which the companies demonstrated a joint of heads-up display () glasses at an event in , showcasing lightweight AR hardware with integrated capabilities. The emphasizes balanced visual performance, user comfort, and manufacturability, building on shared technologies to prototype consumer-viable AR . These alliances have significantly broadened Magic Leap's presence in enterprise sectors such as , healthcare, and , generating revenue streams from software licensing, service integrations, and joint projects rather than relying solely on hardware sales. By prioritizing B2B applications, the partnerships have stabilized the company's market position amid challenges in consumer adoption.

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