AI coding assistant building a frontier model with ultra-long 100M+ token context windows for software engineering
AI📍 San Francisco, CAFounded 2022
Current Valuation
$1.5B
as of 2024-Q3
UNICORN
IPO Outlookprivate
Is Magic going public?
No. Magic has no imminent IPO plans on record. It is still private.
What is Magic's valuation in 2026?
Magic is valued at $1.5B as of 2024-Q3, set by its Series B ($320M, Aug 2024). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Magic filed an S-1?
No public S-1 is on file for Magic.
Who are Magic's investors?
Magic's investors include Eric Schmidt, Jane Street, Sequoia, Atlassian, Nat Friedman, Daniel Gross and 2 more.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Magic is building a frontier AI coding model with ultra-long context windows (100M+ tokens, claimed in research preview) to reason across entire codebases. Raised $320M Series B in Aug 2024 led personally by Eric Schmidt, with Sequoia and Jane Street. Partnered with Google Cloud for a custom training and inference cluster. Co-founder Eric Steinberger previously researched poker AI at FAIR.
Company Profile
CEO
Eric Steinberger
Founded
2022
HQ
San Francisco, CA
Employees
~50
Total Raised
$465M
Growth
Pre-revenue / research-stage
Last Round
Series B — $320M (Aug 2024) · Lead: Eric Schmidt (lead investor)
IPO Status
no imminent plans
Fundraising Status
Series B · $320M · 2y ago
no imminent plansTotal raised $465M
Secondary Market
Implied price / share
$79.88
Last round price / share
$110.82
vs last round
-27.9%
Open interest
1
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
Series B
$320M
Aug 2024
Eric Schmidt (lead investor)
—
Vertical Intelligence — AI / ML
No verified Hugging Face organization found for Magic — no attributable open-model footprint. Closed-weights labs are common; this is a distribution signal, not a capability judgment.
Checked huggingface.co as of 2026-08-19. Re-checked weekly.
Talent Signal
Hiring trend
● First snapshot
trend accrues with monthly sweeps
Open roles
10
via ashby
Product-build share
50%
engineering, research, product, design
Trajectory
steady
product-led hiring — 50% of open roles build product; the rest are go-to-market and G&A.
Actively hiring with no tracked executive churn.
Open roles by month
Open roles by function
■ product-building ■ go-to-market / G&A
Research EngineerMember of Technical Staff, Supercomputing Platform & InfrastructureMember of Technical Staff, RL Research & EnvironmentsMember of Technical Staff, DX & Data Tooling EngineerMember of Technical Staff, Defensive Security EngineerMember of Technical Staff, Kernels
Counted from Magic's live job board as of 2026-08-17; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Eric SteinbergerSebastian De Ro
Investors
Eric Schmidt · Jane Street · Sequoia · Atlassian · Nat Friedman · Daniel Gross · Capital One Ventures · Elad Gil
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2024-Q3. Refreshed quarterly.