Since the start of 2023, Saudi Arabia’s Public Investment Fund (PIF) has injected $750 million into Magic Leap Inc., the 14-year-old augmented-reality company still searching for a viable business model. Despite raising at least $3.5 billion, Magic Leap states it needs additional funds later this month and again in January and June 2025 to meet its financial obligations, according to a company report filed in the UK. The firm is optimistic about securing the necessary funding from an unnamed investor, as noted in its European operations filing.

The PIF became the majority owner of Magic Leap in 2022, providing $590 million last year and an additional $160 million in 2024 in exchange for convertible debt, per Magic Leap’s UK filings. In recent years, PIF has heavily invested in gaming and sports to diversify the economy beyond oil wealth. Magic Leap, once seen as a pioneer in augmented reality, initially aimed to create a consumer headset for digital-physical interaction, drawing investment from major companies like Google. However, after the initial product flopped, the company pivoted to business applications and recently cut 75 jobs to focus on licensing its technology.