Magic Leap
Funding History
| Series D · 10/2017 | $502M |
|---|---|
| Series D (Extension) · 03/2018 | $461M |
| Preferred Stock & Debt (PIF Majority Investment) · 11/2022 | $450M |
| Debt Financing (Saudi PIF) · 01/2024 | $590M |
| Debt Financing (Saudi PIF) · 10/2025 | $205M |
About
Magic Leap is an augmented reality optics company founded in 2010 by Rony Abovitz and based in Plantation, Florida. It built two generations of its own AR headsets before pivoting in 2026 to supply waveguide optics and device-integration expertise to other companies building AI display glasses, including a reference-design partnership with Google.
- CEO
- Ross Rosenberg
- Headquarters
- Plantation, Florida
- Founded
- 2010
Overview
Magic Leap is an augmented reality optics company founded in 2010 by Rony Abovitz and headquartered in Plantation, Florida. The company built two generations of its own AR headsets — the consumer-oriented Magic Leap One in 2018 and the enterprise-focused Magic Leap 2 in 2022 — after raising more than $4 billion in equity and debt funding, backed at various points by Google, Qualcomm, Alibaba Group and Temasek Holdings.
In 2026, Magic Leap announced a strategic pivot away from manufacturing its own headsets to instead act as a waveguide supplier and device-integration partner for other companies developing AI display glasses, drawing on its proprietary Jet and Flash Imprint Lithography (J-FIL) waveguide manufacturing process. The shift included a reference-glasses partnership with Google (extended for three years in October 2025) and a production agreement with electronics manufacturer Pegatron announced in December 2025, alongside layoffs of roughly 269 employees across its Florida and California offices.
Saudi Arabia's Public Investment Fund (PIF) became Magic Leap's majority shareholder in 2022, investing $450 million in preferred convertible stock and debt and gaining the right to appoint four of the company's eight board seats. PIF has continued to fund the company through further debt rounds, including $590 million in January 2024 and $205 million in October 2025, bringing its total investment since 2022 to more than $1 billion.
Ross Rosenberg, a former Bain Capital, Danaher, First Solar and Belden executive, has served as Chief Executive Officer since November 2023, succeeding Peggy Johnson, the former Microsoft executive who led Magic Leap's earlier pivot from consumer to enterprise AR customers beginning in 2020.
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