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Funding & analysis

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Total Raised

Round sizes
Mega-rounds ($100M+) dominate 2024–2026: Luma AI ($900M, Nov 2025), XREAL ($100M, Jan 2026), Magic Leap convertible ($590M–$205M), Epic Games growth ($1.5B). Median round size jumped 3–4x; seed/Series A activity collapsed. Pre-2023 showed balanced tier distribution; now concentrated in late-stage capital.
Stage mix
Late-stage and growth rounds account for 65%+ of 2024–2026 capital. Series C, Series D, growth, and convertible deals dominate. Seed and Series A rounds rare—only four Series A deals since 2023 (XPANCEO, Polycam, Even Realities, Brilliant Labs). Institutional capital heavily favors proven teams post-product-market fit.
Lead investors
Andreessen Horowitz, Sequoia Capital, and Khosla Ventures remain core; Amazon and AMD entered large rounds (Luma AI Dec 2024). Public Investment Fund led three Magic Leap convertibles ($590M–$205M). Strategic buyers (Alibaba, Sony, Disney, Snap) increasingly lead. Tier-2 VCs and early-stage specialists largely sidelined in 2025.