Xreal
Beijing-based maker of consumer AR glasses and spatial-computing hardware (Air, One and Aura lines), sold mostly to consumers outside China for media, gaming and work.
XREAL (formerly Nreal) was founded in January 2017 by Zhejiang University alumni Chi Xu (CEO, previously at NVIDIA and Magic Leap), Xiao Bing and Wu Kejian. It designs, makes and sells its own lightweight AR glasses, sells them in about 40 countries, and has partnered with Google, which named it a lead hardware partner for Android XR (Project Aura), and with ASUS ROG (the ROG XREAL R1). In 2025 it reported about RMB 516M (≈$72M) in revenue with more than 70% from overseas, a net loss of RMB 456M, and a 27% share of global AR-glasses revenue. It raised $100M in January 2026, bringing total funding to about $433M at a reported ~$1B valuation, from backers including Alibaba, Kuaishou, Sequoia China, Hillhouse and Shunwei. It filed for a Hong Kong IPO on April 1, 2026, with CICC and Citigroup as sponsors.
