Saudi PIF Poured $750 Million Into Depleted AR Firm Magic Leap

Since the start of 2023, Saudi Arabia’s Public Investment Fund has injected $750 million into Magic Leap Inc. The 14-year-old augmented-reality company that’s still searching for a workable business model says it needs even more.

Magic Leap, which has raised at least $3.5 billion, said it needs additional funds later this month and again in January and June 2025 “to meet its obligations as they fall due,” according to a company report filed in the UK. The firm has a “realistic expectation” of getting the funding from an unnamed investor, according to the filing from its European operations.

The ...