M
Magic
Core neolabFrontier code models to automate software engineering and AI research
Raised, confirmed$348M9 confirmed rounds
Valuation, confirmed—none disclosed
Valuation, reported—no open report
Founded2022San Francisco, CA, US
Key facts
| Field | Value | Source · checked |
|---|---|---|
| Classification | Core neolabResearch lab building frontier code models; $320M round (Aug 2024), $768M raised in total per the company (2026) | |
| Founded | 2022 | |
| Headquarters | San Francisco, CA, US | |
| Founders | Eric Steinberger, Sebastian De Ro | |
| Website | magic.dev | |
| Careers | magic.dev7 open roles on 9 Nov 2026 | magic.devchecked 9 Nov 2026 |
| Profiles and work | X @magicailabsLinkedIn | How links are checkedchecked 10 Nov 2026 |
Funding rounds
Magic has raised $348M in rounds confirmed by the company, a regulator or two independent outlets. Sources disagree on at least one confirmed round, so the total may count some money twice; see the note on that round. Status rules: methodology.
| Date | Round | Amount | Valuation | Investors | Status | Source · checked |
|---|---|---|---|---|---|---|
| 29 Aug 2024 | Funding round | $320M | — | Eric Schmidt, Jane Street, Sequoia, Atlassian, Nat Friedman, Daniel Gross, Elad Gil, CapitalG | Confirmedsources conflict | Magic blog including a recent investment of $320 million from new investors Eric Schmidt, Jane Street, Sequoia, Atlassian, among others, and existing investors Nat Friedman & Daniel Gross, Elad Gil, and CapitalG.+1 more sourcechecked 9 Nov 2026 |
| 29 Mar 2024 | Form D offering | $321M | — | not disclosed | Confirmed | SEC EDGAR Form D: total offering 320749651.0, total sold 320749651.0, first sale 2024-03-29checked 10 Nov 2026 |
| 26 Feb 2024 | Form D offering | $50K | — | not disclosed | Confirmed | SEC EDGAR Form D: total offering 50000.0, total sold 50000.0, first sale 2024-02-26checked 10 Nov 2026 |
| 12 Feb 2024 | Form D offering | $117M | — | not disclosed | Confirmed | SEC EDGAR Form D: total offering 117332923.0, total sold 117332923.0, first sale 2024-02-12checked 10 Nov 2026 |
| 6 Feb 2023 | Series A | $23M | — | CapitalG, Nat Friedman, Elad Gil, Amplify Partners, Noam Brown, Mehdi Ghissassi, Bryan Pellegrino, Arthur Breitman, 10x Founders, William Tunstall-Pedoe | Confirmed | Magic blog we’ve raised a $23M Series A from CapitalG (Alphabet’s Independent Growth Fund), Nat Friedmanchecked 9 Nov 2026 |
| 30 Jun 2022 | Form D offering | $28.1M | — | not disclosed | Confirmed | SEC EDGAR Form D: total offering 28075000.0, total sold 28074881.0, first sale 2022-06-30checked 10 Nov 2026 |
| 2022 | Seed | $5M | — | not disclosed | Confirmed | Magic blog Following a $5M Seed round last summer, we’re excited to announce that we’ve raised a $23M Series Achecked 9 Nov 2026 |
| 11 Oct 2017 | Form D offering | $25K | — | not disclosed | Confirmed | SEC EDGAR Form D: total offering 500000.0, total sold 25000.0, first sale 2017-10-11checked 10 Nov 2026 |
| 11 Oct 2017 | Form D offering | $674K | — | not disclosed | Confirmed | SEC EDGAR Form D: total offering 1174305.0, total sold 674305.0, first sale 2017-10-11checked 10 Nov 2026 |
Notes on these rounds
- 29 Aug 2024 Funding round: Valuation not disclosed. Company total raised stated as $515M on its blog and $465M by TechCrunch.
- 29 Mar 2024 Form D offering: SEC Form D reports securities sold under the exemption, not the announced round size.
- 26 Feb 2024 Form D offering: SEC Form D reports securities sold under the exemption, not the announced round size.
- 12 Feb 2024 Form D offering: SEC Form D reports securities sold under the exemption, not the announced round size.
- 30 Jun 2022 Form D offering: SEC Form D reports securities sold under the exemption, not the announced round size.
- 2022 Seed: Investors not named in the source.
- 11 Oct 2017 Form D offering: SEC Form D reports securities sold under the exemption, not the announced round size.
- 11 Oct 2017 Form D offering: SEC Form D reports securities sold under the exemption, not the announced round size.
Compute deals
| Date | Counterparty | Type | Value | Capacity | Status | Source · checked |
|---|---|---|---|---|---|---|
| 29 Aug 2024 | Google Cloud | Capacity contractNVIDIA H100 (Magic-G4, A3 Mega VMs); NVIDIA Grace Blackwell (Magic-G5) | undisclosed | — | Confirmed | cloud.google.com With Google Cloud, Magic will build its G4 supercomputer utilizing A3 Mega VMs powered by NVIDIA H100 Tensor Core GPUs.checked 9 Nov 2026 |
People
| Name | Role | Before | Now | Source · checked |
|---|---|---|---|---|
| Eric SteinbergerXLinkedInScholar | Co-founder & CEO | — | Current | |
| Sebastian De RoXLinkedIn | Co-founder | — | Current | |
| Ben Chess | Supercomputing lead | OpenAI (Supercomputing lead) | Current |
Professional facts from public sources only. How people records are handled.
What it has shipped
| Name | Kind | Date | Open weights | Source · checked |
|---|---|---|---|---|
| LTM-1 | model | 6 Jun 2023 | No | magic.dev Magic’s LTM-1 model has a 5 million token context window, allowing it to see your entire repository of code.checked 9 Nov 2026 |
| HashHop | dataset | 29 Aug 2024 | Yes |
Latest posts on X
The most recent posts from @magicailabs, the X account of Magic, quoted as posted. Replies and reposts are left out. How posts are selected.
Frontier pretraining is said to be a big-lab-only game. We don’t have 100k chips yet, so there’s only one way: algorithmic efficiency. Our new recipe matches DeepSeek V4 Pro’s pretrain using 50x less compute – that’s roughly half the FLOPs used for GPT3, or ~$0.5M on GB200. magic.dev/blog/pretraining
View the post on X · With 1 image
checked 10 Nov 2026
Commonly cited, checked
Figures and statements about Magic that circulate in lists and summaries, and what the sources support.
| Claim | Finding | Source |
|---|---|---|
| In talks for a $200M+ round at about $1.5B valuation | The company announced a closed $320M round on 29 Aug 2024; no valuation was disclosed. The company now states $768M raised in total. | magic.dev including a recent investment of $320 million from new investors Eric Schmidt, Jane Street, Sequoia, Atlassian |
| $1.5B valuation | Valuation of $1.5B was reported only as a target in talks (July 2024); not confirmed by any source. | ca.style.yahoo.com In July, Reuters reported that Magic was seeking to raise over $200 million at a $1.5 billion valuation. |
Work at Magic, or see something wrong? Update this profile with a public source. How corrections work.