Magic

Magic is one of the most-watched private AI labs of the current cycle, having raised hundreds of millions of dollars to chase the same goal as Cognition, Poolside, and Anthropic: an AI software engineer that can be trusted with real production work. The company's distinguishing technical bet is ultra-long context — its LTM (Long-Term Memory) model architecture has been demonstrated at context windows of up to 100 million tokens, enough to load entire enterprise monorepos, dependency graphs, and historical PRs into a single inference. That capability is positioned as the missing piece for autonomous coding agents that can reason about a codebase end-to-end rather than juggling fragments through a RAG layer. Magic does not currently offer a self-serve product or public API; the company has signaled that early access goes to a small set of design partners, primarily large enterprises modernizing legacy code. Investors include Eric Schmidt, Nat Friedman, Daniel Gross, and CapitalG, and Magic has secured a multi-hundred-megawatt compute partnership for training. For builders, Magic is currently a research story rather than a usable API, but it is a key vendor to track if the long-context-for-code thesis pays off. Profile flagged for manual verification when a public product launches.