I think it's reasonable to assume that a pretty large portion of this is going into R&D. They've shown multiple prototypes that are addressing different technologies/techniques for improving the clarity and quality of VR experiences.
I could be mistaken, but I believe they were the ones to pioneer varifocal displays, a technology which has still yet to ship in an HMD. The earliest prototypes relied on physically moving the lens, where the latest prototypes are using some form of electrically charged lens that changes its focal distance based on voltage.
Once you start going down the rabbit hole of projects they've either announced or have been leaked it's easy to see how you could spend that kind of money, and that's only the stuff we know about.
I admit that I didn't like Zuck before. But I have to say, I am becoming a big fan of him, primarily due to his strategy in ML/AI for Meta, and his willingness to burn cash to solve the problems of VR. Zuck is many things good and bad, but certainly one of those things is that he's a nerd who loves technology and wants to move it forward, and I can't help but respect that massively especially given his results.
I respect the same about Musk. It's the only thing that I respect about either of them. But, boy, it's hard for me not to respect individual who are inventing the future.
Yes, Musk is in the same category. You can hate his opinions, sure, but to not respect him in some form or fashion just betrays an ignorant worldview IMO.
I could be mistaken, but I believe they were the ones to pioneer varifocal displays, a technology which has still yet to ship in an HMD. The earliest prototypes relied on physically moving the lens, where the latest prototypes are using some form of electrically charged lens that changes its focal distance based on voltage.
Once you start going down the rabbit hole of projects they've either announced or have been leaked it's easy to see how you could spend that kind of money, and that's only the stuff we know about.