Who Owns Matterport?

Matt Bell, Dave Gausebeck and Mike Beebe founded Matterport in 2011 in Mountain View, California, with the idea that spaces should be capturable as easily as documents. Early prototypes stitched depth-camera data into navigable 3D models, a concept later branded the digital twin.

The company's first camera, the Pro1, shipped in 2014 at $4,500, initially targeting real estate agents who wanted virtual tours. Adoption spread into architecture, construction, insurance and retail, and the platform model evolved: capture hardware plus a subscription cloud for hosting, editing and distributing 3D spaces.

Matterport went public in July 2021 through a merger with Gores Holdings VI, a SPAC deal valuing it near $2.9 billion. Public life proved hard: hardware margins were thin, churn was high, and the stock spent its independent years well below the SPAC price. It shifted strategy toward software subscriptions and launched a smartphone capture path to reduce hardware dependence.

CoStar Group announced the acquisition in April 2024, and after regulatory review completed the deal on February 28, 2025. Matterport shareholders received CoStar stock under a collar that valued the company at roughly $1.6 billion.

Under CoStar, Matterport's capture tools have been woven into the group's marketplaces. Millions of CoStar property listings now carry Matterport tours, and the technology anchors CoStar's pitch to automate property marketing. RJ Pittman, Matterport's long-time CEO, departed after the deal, and the unit reports into CoStar's commercial segment, which grew to $1.79 billion in 2025 revenue.

The first-generation Pro1 camera shipped in 2014 at 4,500 dollars, sold primarily to real estate photographers serving agents. The Pro2 followed in 2017 with 134-megapixel capture and became the industry standard for residential virtual tours, while the Cortex AI engine, the company's computer vision system, automated the stitching and spatial reconstruction that made scans usable without professional processing.

The platform model evolved alongside the hardware. Matterport moved from selling cameras toward selling subscriptions: hosting, editing and distributing 3D spaces in the cloud, with the camera effectively a gateway to recurring revenue. A smartphone capture path through the mobile app removed the hardware barrier entirely for casual users.

Going public in July 2021 through a SPAC merger with Gores Holdings VI valued the company near 2.9 billion dollars at announcement. Public markets proved unforgiving: hardware margins were thin, churn was high among real estate customers, and the stock spent its independent life far below debut. Under CEO RJ Pittman the company pivoted harder into software subscriptions and enterprise use cases, insurance documentation, facilities management and construction.

CoStar Group announced the acquisition in April 2024, and after a Federal Trade Commission review completed the deal on February 28, 2025 for approximately 1.6 billion dollars. Pittman departed, the stock delisted, and the unit became Matterport, LLC inside CoStar's commercial real estate segment, where its scans now power virtual tours across the group's marketplaces.