Magic valuation, funding and investors
Magic works in AI model development, based in San Francisco, United States. Founded in 2022, it has about 110 employees.
- Last round
- Growth · $320M · Aug 2024
- Valuation at last round
- $1.82B · implied
- Headcount
- 110 · growing
- Grade
- B
- Founded
- 2022
Magic valuation today
VCMC values Magic at $2.6B today, with a range of $1.4B to $3.8B and a grade of B. The valuation starts from its last funding round, a growth round in Aug 2024.
Valuation by date (62 rows)
Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.
| Date | Valuation | Range | Predicted in 1 yr | Phase | Headcount | Trend | Grade | Winding-down probability |
|---|---|---|---|---|---|---|---|---|
| 1 Jan 2022 | $18.7M | $6.81M – $51.4M | $20.4M (+9%) | before first round | – | unknown | D | 0% |
| 1 Feb 2022 | $18.8M | $6.86M – $51.7M | $20.6M (+9%) | before first round | – | unknown | D | 0% |
| 1 Mar 2022 | $19.0M | $6.90M – $52.1M | $20.7M (+9%) | before first round | – | unknown | D | 0% |
| 1 Apr 2022 | $19.1M | $6.96M – $52.5M | $20.9M (+9%) | before first round | – | unknown | D | 0% |
| 1 May 2022 | $19.2M | $7.01M – $52.9M | $21.0M (+9%) | before first round | – | unknown | D | 0% |
| 1 Jun 2022 | $19.4M | $7.06M – $53.3M | $21.2M (+9%) | before first round | – | unknown | D | 0% |
| 1 Jul 2022 | $19.5M | $7.11M – $53.7M | $21.3M (+9%) | before first round | – | unknown | D | 0% |
| 1 Aug 2022 | $19.7M | $7.16M – $54.1M | $21.5M (+9%) | before first round | – | unknown | D | 0% |
| 1 Sep 2022 | $19.8M | $7.22M – $54.5M | $21.7M (+9%) | before first round | – | unknown | D | 0% |
| 1 Oct 2022 | $20.0M | $7.27M – $54.9M | $21.8M (+9%) | before first round | – | unknown | D | 0% |
| 1 Nov 2022 | $20.1M | $7.32M – $55.3M | $22.0M (+9%) | before first round | – | unknown | D | 0% |
| 1 Dec 2022 | $20.3M | $7.38M – $55.7M | $22.1M (+9%) | before first round | – | unknown | D | 0% |
| 1 Jan 2023 | $17.4M | $6.35M – $47.9M | $19.0M (+9%) | before first round | 6 | unknown | D | 0% |
| 1 Feb 2023 | $17.6M | $6.40M – $48.3M | $19.2M (+9%) | before first round | 6 | unknown | D | 0% |
| 7 Feb 2023 | $128M | $84.0M – $350M | $230M (+80%) | after a round | 6 | unknown | C | 0% |
| 1 Mar 2023 | $133M | $84.0M – $350M | $230M (+73%) | after a round | 6 | unknown | C | 0% |
| 1 Apr 2023 | $139M | $84.0M – $350M | $230M (+65%) | after a round | 6 | unknown | C | 0% |
| 1 May 2023 | $146M | $84.0M – $350M | $230M (+57%) | after a round | 6 | unknown | C | 0% |
| 1 Jun 2023 | $154M | $84.0M – $350M | $230M (+50%) | after a round | 6 | unknown | C | 0% |
| 1 Jul 2023 | $161M | $84.0M – $350M | $230M (+43%) | after a round | 6 | unknown | C | 0% |
| 1 Aug 2023 | $170M | $84.0M – $350M | $230M (+36%) | after a round | 6 | unknown | C | 0% |
| 1 Sep 2023 | $178M | $84.0M – $350M | $230M (+29%) | after a round | 6 | unknown | C | 0% |
| 1 Oct 2023 | $227M | $113M – $470M | $309M (+36%) | after a round | 23 | growing | C | 0% |
| 1 Nov 2023 | $244M | $113M – $470M | $309M (+27%) | after a round | 23 | growing | C | 0% |
| 1 Dec 2023 | $263M | $113M – $470M | $309M (+18%) | after a round | 23 | growing | C | 0% |
| 1 Jan 2024 | $283M | $113M – $470M | $309M (+9%) | after a round | 23 | growing | C | 0% |
| 1 Feb 2024 | $305M | $113M – $470M | $309M (+1%) | after a round | 23 | growing | C | 0% |
| 13 Feb 2024 | $467M | $329M – $993M | $700M (+50%) | after a round | 23 | growing | B | 0% |
| 1 Mar 2024 | $476M | $329M – $993M | $700M (+47%) | after a round | 24 | growing | B | 0% |
| 1 Apr 2024 | $492M | $329M – $993M | $700M (+42%) | after a round | 24 | growing | B | 0% |
| 1 May 2024 | $509M | $329M – $993M | $700M (+37%) | after a round | 24 | growing | B | 0% |
| 1 Jun 2024 | $527M | $329M – $993M | $700M (+33%) | after a round | 24 | growing | B | 0% |
| 1 Jul 2024 | $545M | $329M – $993M | $700M (+28%) | after a round | 24 | growing | B | 0% |
| 1 Aug 2024 | $579M | $348M – $1.1B | $740M (+28%) | after a round | 31 | up | B | 0% |
| 30 Aug 2024 | $1.8B | $1.3B – $2.8B | $2.0B (+10%) | after a round | 31 | up | B | 0% |
| 1 Sep 2024 | $1.8B | $1.3B – $2.8B | $2.0B (+10%) | after a round | 31 | up | B | 0% |
| 1 Oct 2024 | $1.8B | $1.3B – $2.8B | $2.0B (+9%) | after a round | 31 | up | B | 0% |
| 1 Nov 2024 | $1.9B | $1.3B – $3.0B | $2.1B (+14%) | after a round | 42 | growing | B | 0% |
| 1 Dec 2024 | $1.9B | $1.3B – $3.0B | $2.1B (+13%) | after a round | 42 | growing | B | 0% |
| 1 Jan 2025 | $1.9B | $1.4B – $3.0B | $2.1B (+11%) | after a round | 42 | growing | B | 0% |
| 1 Feb 2025 | $1.9B | $1.4B – $3.0B | $2.1B (+10%) | after a round | 42 | growing | B | 0% |
| 1 Mar 2025 | $2.0B | $1.4B – $3.0B | $2.1B (+8%) | after a round | 42 | growing | B | 0% |
| 1 Apr 2025 | $2.0B | $1.4B – $3.0B | $2.1B (+7%) | after a round | 42 | growing | B | 0% |
| 1 May 2025 | $2.0B | $1.4B – $3.0B | $2.1B (+5%) | after a round | 42 | growing | B | 0% |
| 1 Jun 2025 | $2.1B | $1.4B – $3.0B | $2.1B (+4%) | after a round | 42 | growing | B | 0% |
| 1 Jul 2025 | $2.1B | $1.4B – $3.0B | $2.1B (+3%) | after a round | 42 | growing | B | 0% |
| 1 Aug 2025 | $2.4B | $1.5B – $3.4B | $2.4B (+2%) | after a round | 73 | growing | B | 0% |
| 1 Sep 2025 | $2.4B | $1.5B – $3.4B | $2.4B (0%) | after a round | 73 | growing | B | 0% |
| 1 Oct 2025 | $2.5B | $1.6B – $3.5B | $2.5B (0%) | after a round | 80 | growing | B | 0% |
| 1 Nov 2025 | $2.5B | $1.6B – $3.6B | $2.5B (0%) | after a round | 86 | growing | B | 0% |
| 1 Dec 2025 | $2.5B | $1.6B – $3.6B | $2.5B (0%) | after a round | 86 | growing | B | 0% |
| 1 Jan 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 99 | growing | B | 0% |
| 1 Feb 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 99 | growing | B | 0% |
| 1 Mar 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 102 | growing | B | 0% |
| 1 Apr 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 102 | growing | B | 0% |
| 1 May 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 109 | growing | B | 0% |
| 1 Jun 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 109 | growing | B | 0% |
| 1 Jul 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 109 | growing | B | 0% |
| 1 Aug 2026 | $2.6B | $1.6B – $3.7B | $2.6B (0%) | after a round | 109 | growing | B | 0% |
| 1 Sep 2026 | $2.6B | $1.5B – $3.7B | $2.6B (0%) | after a round | 109 | growing | B | 0% |
| 1 Oct 2026 | $2.6B | $1.5B – $3.8B | $2.6B (0%) | after a round | 110 | growing | B | 0% |
| 24 Oct 2026 | $2.6B | $1.4B – $3.8B | $1.8B (-31%) | after a round | 110 | growing | B | 0% |
Key facts about Magic
- Founded
- 2022
- Headquarters
- San Francisco, United States
- Employees
- about 110 +38% in a year
- Total raised
- $423M
- Funding rounds
- 3
- Last round
- Growth Equity Aug 2024
Magic was founded in 2022 by Eric Steinberger and Sebastian De Ro.
Magic funding history
Magic has 3 funding rounds on record, from Feb 2023 to Aug 2024, $423M in total. None disclosed a valuation.
Growth Equity 29 Aug 2024
With Sequoia Capital, CapitalG, Atlassian, Jane Street, Innovation Endeavors.
Sources: techfundingnews.com, techcrunch.com, pymnts.com and 2 more
$320M
$80M
Series A 6 Feb 2023
Led by CapitalG; with Amplify Partners.
Sources: finsmes.com, magic.dev, techcrunch.com and 1 more
$23M
Magic investors
7 investors have backed Magic; CapitalG and NFDG Ventures led at least one round.
- CapitalG lead, 2 rounds
- NFDG Ventures lead
- Amplify Partners
- Atlassian
- Innovation Endeavors
- Jane Street
- Sequoia Capital
What Magic does
Magic works in tech companies, with 14 recorded offerings and customers in artificial intelligence.
Magic AI, Inc. is an American artificial intelligence company engaged in the development of AI models for automating software engineering and research. The company focuses on frontier-scale pre-training, domain-specific reinforcement learning, and ultra-long context processing to support AI research and code generation. Magic also engages in fundamental research aimed at achieving Artificial General Intelligence (AGI) and operates globally, with a primary focus on San Francisco, New York, Seattle, and VIE.
Description from Veridion's company data.
Products and services
- AI Model Development
- AI Research Automation
- Code Generation Automation
- Frontier-Scale Code Model Development
- AI Alignment Research
- Distributed Systems Engineering
- Kernel Engineering
- Software Engineering
- Ethical AI Development
- Safety-Aware AI Development
- Fundamental AI Research
- Collaborative AI Research
- AI Technology Innovation
- Global AI Solutions Development
Markets
- Artificial Intelligence
Technology
- Frontier-Scale Pre-Training
- Domain-Specific Reinforcement Learning
- Ultra-Long Context
- Inference-Time Compute
Business model
- Business-to-Business
- Enterprise
Industry codes (NAICS)
- 541715 Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology) 100% match
Questions about Magic
What is Magic worth?
Valuation $2.6B (range $1.4B to $3.8B), as of 24 Oct 2026.
Has Magic raised money?
Magic has 3 funding rounds on record, from Feb 2023 to Aug 2024, $423M in total. None disclosed a valuation.
Who has invested in Magic?
CapitalG, NFDG Ventures, Amplify Partners, Atlassian, Innovation Endeavors and Jane Street, and 1 more. Lead investors include CapitalG and NFDG Ventures.
How many people work at Magic?
About 110, up 38% over the last year. Headcount grew from 6 in Jan 2023 to 110 in Sep 2026.
What does Magic do?
Magic works in tech companies, with 14 recorded offerings and customers in artificial intelligence. Its main offerings are AI model development, AI research automation and code generation automation.
When was Magic founded, and where is it based?
Magic was founded in 2022 and is based in San Francisco, United States. It has about 110 employees, up 38% over the last year.