Magic Leap was founded by Rony Abovitz in 2010[6] and has raised $2.6 billion from a list of investors including Google and Alibaba Group.[7] In December 2016, Forbes estimated that Magic Leap was worth $4.5 billion.[8] On July 11, 2018, AT&T invested in the company and became its exclusive partner. On August 8, 2018, the Magic Leap One was made available in the United States through AT&T.
On May 28, 2020, Rony Abovitz announced that Magic Leap had raised $350 million in new funding and that he would be stepping down as CEO.[9] On July 7, 2020, the company announced their new CEO would be former Microsoft executive Peggy Johnson.[10][11]