Snap seeks at least $1 billion in outside funding for its Specs AR glasses unit

Snap Inc. was reported in October 2025 to be in talks with potential investors, including Saudi Arabia's Public Investment Fund, to raise at least $1 billion to fund its AR glasses business, with a possible spin-off of the unit into a separate entity ('Specs Inc.') under consideration. CEO Evan Spiegel disclosed the company has spent $3 billion so far developing its AR glasses. Snap says it plans to launch fully standalone consumer AR glasses, called Specs, in 2026, and separately signed a multi-year AI-mapping partnership with Niantic Spatial in June 2025 that includes an additional Snap capital investment.