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The long-context frontier: own-model autonomous software engineering
HQ: San Francisco, CA | Founded: 2022 | Employees: Small, research-heavy (undisclosed) | Stage: Private; $1.5B (Aug 2024); 2026 secondary ~$1.1B | Website: https://magic.dev
Magic was founded in San Francisco in 2022 by Eric Steinberger (ex-Meta FAIR researcher with a poker-AI background) to build autonomous software engineers by owning the model stack. It released LTM-1 in June 2023 with a 5M-token context window - the defining long-context coding model of its era - and announced 100M-token context in August 2024 alongside a Google Cloud partnership for a custom TPU supercomputer and the $320M Series B (Eric Schmidt, Atlassian, Sequoia, Jane Street). As of 2026 it has raised $515M, markets Magic (coding assistant) and Magic Apply (autonomous job-application agent), and states it trains on thousands of NVIDIA GB200s. A claimed 2025 round with OpenAI/SoftBank interest could not be verified; secondary trading in 2026 marks ~$1.1-1.2B.
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