Magic
AI coding assistant building a frontier model with ultra-long 100M+ token context windows for software engineering
AI
📍 San Francisco, CA
Founded 2022
Current Valuation
$1.5B
as of 2024-Q3
UNICORN
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
Growth
Pre-revenue / research-stage
Last Round
Series B — $320M (Aug 2024) · Lead: Eric Schmidt (lead investor)
IPO Status
no imminent plans
Founders & Key People
Eric SteinbergerSebastian De Ro
Investors
Eric Schmidt · Jane Street · Sequoia · Atlassian · Nat Friedman · Daniel Gross · Capital One Ventures · Elad Gil
Products
- Magic Coding Assistant (frontier coder model)
- Long-context inference cluster on Google Cloud
Competitors
Anthropic Claude Code · Cursor · GitHub Copilot · Cognition Devin · Replit Agent
AICode GenerationFoundation ModelsSchmidt Backed
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.