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Meta posted a $4.62 billion Reality Labs loss, Qualcomm told headset makers chip prices rise September 1, Magic Leap exited hardware, and Valve cleared the FCC. A week where the layer under the apps changed hands.

Meta's Q2 2026 report shows a $4.62 billion Reality Labs operating loss on $431 million in revenue, wider than last quarter even after the January cuts and the pivot to glasses. Cumulative losses since 2020 now sit near $88 billion.

The FCC granted Valve equipment authorization for FCC ID 2AES4-1015 on July 29, a device the paperwork calls simply "VR Headset." That is legal permission to sell, not another leak. VR.org has called this launch imminent twice already, so here is what separates the third time from the first two.

SideQuest has acquired the rights to the Altspace name and is rebuilding the platform for a fall 2026 launch, robot avatars included. In the same year Rec Room went dark and Meta walked Horizon Worlds out of its own headset, that should sound insane. I think it might be the smartest move anyone in social VR has made in two years.