Report: Snap seeking $1 billion to finance its AR glasses division in “existential” fundraise
Snap is down more than 1% this morning following news that the company is attempting to raise $1 billion for its AR glasses unit in what someone told Sources.news was an “existential” fundraise.
A Snap spokesperson countered, “We do not need to raise money to execute against our plans to publicly launch Specs in 2026, but remain open to opportunities that could accelerate our growth.”
Multiple investors are involved in the talks, including Saudi Arabia’s Public Investment Fund, according to Sources.news. The report also noted that Snap plans to turn the unit that makes its Specs glasses into an independent subsidiary à la Google’s Waymo “that can continue raising capital from investors.”
Snap plans to produce about 100,000 units of next year’s Specs, pricing them around $2,500.
The beleaguered stock saw quite a bit of retail interest last month, amid r/WallStreetBets chatter that its low nominal price made it a potential acquisition target.
Multiple investors are involved in the talks, including Saudi Arabia’s Public Investment Fund, according to Sources.news. The report also noted that Snap plans to turn the unit that makes its Specs glasses into an independent subsidiary à la Google’s Waymo “that can continue raising capital from investors.”
Snap plans to produce about 100,000 units of next year’s Specs, pricing them around $2,500.
The beleaguered stock saw quite a bit of retail interest last month, amid r/WallStreetBets chatter that its low nominal price made it a potential acquisition target.
