Releases the open-weight Llama model family including Code Llama, which enables on-premise and self-hosted AI coding tools for enterprises with data-residency requirements.

Foundation Models · IPO $16B

Foundation Models

IPO

$16B

HQ

Builds Frame, an open-source AI-first AR glasses platform aimed at developers — the indie-developer entry point to building on glasses-form-factor hardware.

AR Glasses

AR Glasses

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HQ

Ships the G1 smart glasses — minimalist eyewear-shaped AR with monochrome HUD for navigation, captions, and notifications; positioned for everyday wear.

AR Glasses

AR Glasses

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HQ

Freemium 3D scanning app with Gaussian Splatting and photogrammetry — growing developer mindshare as Polycam/Luma alternative with permissive free tier.

3D Capture

3D Capture

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HQ

Gaussian Splatting consumer leader — generates photorealistic 3D scenes from smartphone photos, plus the Dream Machine generative video model.

3D Capture

3D Capture

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HQ

Mobile 3D scanning leader — captures Gaussian Splats and photogrammetry models via smartphone LiDAR and photos; 540K+ iOS ratings, used heavily by AR developers.

3D Capture

3D Capture

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HQ

Operates location-based VR experience centers in 60+ locations worldwide — premium full-body VR experiences (Squid Game, Star Trek) for groups.

VR Collaboration

VR Collaboration

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HQ

Tabletop AR system — pairs lightweight glasses with a retroreflective game board to render 3D holograms over physical surfaces, optimized for board games.

AR Glasses

AR Glasses

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HQ

Spatial computing development studio building first-party Vision Pro apps and contracting for enterprise spatial deployments; publishes the Spatial Computing Industry Stats Report.

Medical and enterprise VR training platform — AI-powered simulations for healthcare workers, customer service, and high-pressure scenarios.

Enterprise VR Training

Enterprise VR Training

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HQ

Building smart contact lenses with embedded XR displays and continuous health monitoring; raised $250M Series A in 2025 at a $1.35B valuation.

The global volume leader in consumer AR glasses, shipping the XREAL One series with TV-streaming, gaming, and productivity use cases at sub-$500 price points.

AR Glasses

AR Glasses

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—

HQ

Spun out of Niantic Labs as a standalone spatial-computing company; owns the Spatial Platform, VPS (1M+ locations), Scaniverse, and the Niantic SDK for XR developers.

Dev Platforms

Dev Platforms

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HQ

Spun off from Snap on Jan 28, 2026, taking the Spectacles AR glasses unit independent and seeking minority investment to scale standalone.

AR Glasses

AR Glasses

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HQ

Designs the Beyond, a custom-fit ultra-compact PC-VR headset weighing 127g — built around individual face scans for unmatched comfort and field-of-view fit.

VR Hardware

VR Hardware

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HQ

Formerly Talespin; CoPilot platform uses AI-powered virtual humans for leadership, communication, and empathy training at PwC, Accenture, Deloitte.

Enterprise VR Training

Enterprise VR Training

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HQ

Designs and manufactures waveguide optics for AR glasses — the optical engine underneath multiple smart-glasses products including various OEM partners.

Optics & Components

Optics & Components

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HQ

Builds glasses-free holographic displays (Looking Glass Go, 16-inch, 65-inch) — 3D content viewing without a headset, for design review, telepresence, and exhibits.

Optics & Components

Optics & Components

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HQ

Builds the Lynx R-1 mixed-reality headset — passthrough MR aimed at enterprise + indie developers, originally a Kickstarter that delivered.

VR Hardware

VR Hardware

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HQ

Pivoted from consumer AR to enterprise AR with Magic Leap 2, the best-in-class see-through optical headset for surgical and industrial settings.

Enterprise Smart Glasses

Enterprise Smart Glasses

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HQ

Original smart-contact-lens pioneer; pivoted to micro-LED display fabrication (the technology underlying its lens prototype) as the IP licensing play.

Smart Contact Lenses

Smart Contact Lenses

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HQ

VR training platform specializing in high-stakes scenarios — sexual harassment prevention, military medical training, suicide prevention.

Enterprise VR Training

Enterprise VR Training

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HQ

AI-powered soft-skills VR training across 35+ industries — hybrid AI + human-actor avatars for difficult-conversation simulations (D&I, performance, sales).

Enterprise VR Training

Enterprise VR Training

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HQ

Builds the highest-resolution PC-VR headsets on the consumer market — the Crystal Super and Crystal Light series push 8K-per-eye for sim racers and flight simmers.

VR Hardware

VR Hardware

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HQ

Ships ruggedized voice-controlled smart glasses (Navigator 500) for field workers in oil and gas, manufacturing, and utilities — hands-free remote-expert and inspection workflows.

Enterprise Smart Glasses

Enterprise Smart Glasses

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HQ

AR/VR meeting and collaboration platform; raised $14M Series A in 2024 to scale persistent shared 3D rooms for distributed teams.

VR Collaboration

VR Collaboration

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HQ

Enterprise VR training platform deployed across Walmart, Verizon, and 10,000+ Fortune-500 locations; pre-built modules for onboarding, compliance, customer de-escalation.

Enterprise VR Training

Enterprise VR Training

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HQ

Builds simulation-grade XR headsets (XR-4 series) for aerospace, automotive design, and pilot training — human-eye-resolution displays for the most demanding professional users.

VR Hardware

VR Hardware

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HQ

Designs smart eyewear with integrated audio + voice AI (Lucyd Lyte), retailed through optical chains rather than tech channels — the eyewear-first distribution play.

AR Glasses · Market cap $2.3B

AR Glasses

Market cap

$2.3B

HQ

Operates the Snap AR developer platform Lens Studio and ships Spectacles (5th generation), pairing consumer AR glasses with the largest mobile-AR audience.

AR Glasses · Market cap $9.5B

AR Glasses

Market cap

$9.5B

HQ

The dominant game engine for AR and spatial computing — Unity 6 and PolySpatial power most third-party visionOS apps and ship cross-platform to ARKit, ARCore, OpenXR, and standalone headsets.

Dev Platforms · Market cap $11.2B

Dev Platforms

Market cap

$11.2B

HQ

Unreal Engine ships the highest-fidelity 3D content pipeline used for spatial computing applications, virtual production, and the more demanding VR experiences.

Dev Platforms

Dev Platforms

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HQ

Builds the Vision Pro spatial computer and visionOS — Apple's bet that head-mounted displays become the next personal computing platform. Vision Pro 2 dropped to $2,499 in February 2026 with the M5 chip and 2x on-device AI inference.

Headsets & Spatial OS · Market cap $4535.7B

Headsets & Spatial OS

Market cap

$4535.7B

HQ

Co-developer with Samsung of the Android XR platform powering Galaxy XR; Project Astra and Project Moohan position Google as the Android counterpart to visionOS.

Headsets & Spatial OS · Market cap $4640.1B

Headsets & Spatial OS

Market cap

$4640.1B

HQ

Ships the VIVE family of PC-VR and standalone VR headsets, including the enterprise-focused VIVE Focus and consumer VIVE Pro lines.

VR Hardware · Public

VR Hardware

Public

—

HQ

Builds HoloLens 2 for industrial, surgical, and defense AR use cases; the see-through optical design remains best-in-class for safety-critical settings.

Enterprise Smart Glasses · Market cap $3109.3B

Enterprise Smart Glasses

Market cap

$3109.3B

HQ

Provides the CloudXR streaming runtime for offloading heavy spatial workloads from headsets, plus Omniverse as the collaborative 3D content platform for spatial development.

Dev Platforms · Market cap $5211.0B

Dev Platforms

Market cap

$5211.0B

HQ

Owns Vuforia, the industrial-AR SDK powering training, instruction, and CAD-overlay workflows across manufacturing — the enterprise counterpart to Unity for AR work instructions.

Dev Platforms · Market cap $17.1B

Dev Platforms

Market cap

$17.1B

HQ

Ships the Galaxy XR headset running Android XR — the third major consumer spatial computing device alongside Vision Pro and Quest, positioned as the AI-first option.

Headsets & Spatial OS · Public

Headsets & Spatial OS

Public

—

HQ

Ships the PSVR2 console-tethered VR headset with foveated rendering, eye tracking, and HDR OLED panels — the highest-fidelity console VR experience.

VR Hardware · Public

VR Hardware

Public

—

HQ

Long-running public smart-glasses maker; ships enterprise Blade and Shield models plus M-Series for industrial workers, with a waveguide-optics licensing business underneath.

Enterprise Smart Glasses · Market cap $341.8M

Enterprise Smart Glasses

Market cap

$341.8M

HQ