Napster (Formerly Infinite Reality)

Infinite Reality (iR) is a Boca Raton, Florida-based spatial-computing and AI company that took its current form in January 2022, when CEO John Acunto merged his company Display Social with the XR studio Infinite Reality (co-founded by Rodric David) and the production house Thunder Studios. Since then it has grown mainly by acquisition, buying properties including the Drone Racing League, Ethereal Engine, Landvault, and the AI "agentic mentor" company Touchcast. In March 2025 it acquired the music-streaming brand Napster for $207 million, and in May 2025 renamed the parent company Napster Corporation. Note for disambiguation: this is NOT the original 1999 peer-to-peer file-sharing company; it is the XR/AI holding company (Infinite Reality) that bought the Napster brand and now operates under it, which is why Crunchbase and this platform track it under the distinct slug "infinite-reality-d5f5." In January 2025 the company announced it had raised $3 billion from a previously undisclosed private investor, taking its claimed valuation to $12.25 billion; in November 2025, at a shareholder call, CEO John Acunto told investors and employees that the money did not exist and the investor was gone, describing the company as a victim of fraud. The SEC subsequently charged an individual named Charles Cole (along with Torben Welch and related entities) with running a scheme in which Cole falsely claimed to control tens of billions of dollars in assets and induced Infinite Reality to issue him and affiliated entities more than 239 million shares without ever delivering the promised investment. Because that capital never materialized, it is not represented in this profile's funding history; the only funding round recorded here with a verifiable amount is the $350 million round the company closed in July 2024 at a $5.1 billion valuation.