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Assuming all the $ gets spent, if they sell a $1000 device with a 10% net profit margin, then for investors to even *recoup* their money, Magic Leap will need to sell about 23M units -- nearly as many as the total number of XBox One units ever sold. A bold bet
If you're expecting a 10x return (say, with 20% probability, so you make 2x if you place enough bets, which starts beating the SP500 over the same timescale), you'll need to create a bigger market than the global gaming console market. This is why I'm not in VC
The bet is that the MR market will be mobile scale, not gaming console scale.
They can also license their technology or sell IP
Maybe money isn’t everything 
If they succeeded to make it the next wave replace all smart phones, tens of million is not a big target. They have pile of patents to ensure light field leadership and take major share if that happens is not a foolish move. You are right huge bet!
I don't know any more information other than a few short demo videos that were later claimed as computer rendered. But if they can really deliver, they can have projector market, movie market, which are both big enough by themselves for this valuation.
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