AI coding assistant building a frontier model with ultra-long 100M+ token context windows for software engineering
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.
AI📍 San Francisco, CAFounded 2022
Current Valuation
$1.5B
as of 2024-Q3
UNICORN
QL Price
$1.2B
-20% vs last round
QuantLogix's current estimate for Magic, published 2026-09-06 — below the last disclosed round of $1.5B (2024-Q3).
Confidence
medium
Basis
secondary led
What backs this price
Last disclosed round
$1.5B
2024-Q3
weight 0.26
Secondary market print
$1.1B
2026-06-27
weight 0.65
How this price has held up
No round has priced for Magic since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-09-06 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Magic, 2026-09-06 (53a44a04b198cf4d).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
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.
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 1mo 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 2026-09-03. 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.