Why do people keep giving Magic Leap money?

Magic Leap, an augmented reality company that has never shipped or even shown a product, has just gotten a $502 million investment on top of its nearly $1.4 billion in existing funding. The round is led by Singapore holding company Temasek, and includes major existing investors like Google, Alibaba, and J.P. Morgan Investment Management. It adds to the mystique around the secretive company, which has been on the verge of unveiling a pair of compact augmented reality glasses since at least 2015. Two years later, its main output is still flowery paeans to its own greatness.

Investors have proven more than willing to throw money at overblown tech startups, like Theranos and Juicero. But Magic Leap still seems like a potentially viable…

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