Qualcomm (QCOM) and Facebook parent Meta (META) continue to lean further into the metaverse. The latest move comes in the form of a new multi-year agreement between the companies that will see Meta use Qualcomm’s Snapdragon XR platform to power its VR and AR devices for the foreseeable future.

The news came during Qualcomm CEO Cristiano Amon’s keynote at the IFA conference in Berlin on Sept.2.

“By partnering with Meta, we are bringing together two of the world’s metaverse leaders to revolutionize the future of computing for billions of people in the coming years,” Amon said. “Building off our joint leadership in XR, this agreement will allow our companies to deliver best-in-class devices and experiences to transform how we work, play, learn, create, and connect in a fully realized metaverse.”

Meta already uses Qualcomm’s Snapdragon XR2 platform to power its Meta Quest 2, and the original Quest ran on the Snapdragon 835, so the two companies are intimately familiar with each other.

As we continue to build more advanced capabilities and experiences for virtual and augmented reality, it has become more important to build specialized technologies to power our future VR headsets and devices.

Meta raised the price of its Quest 2 headset in July by $100 to $399 for a headset with 128GB of storage and $499 for 256GB. The move was a bit of a head scratcher considering the Quest 2 first hit the market in Oct. 2020. Device makers usually lower their prices as time goes on.

During an appearance on Joe Rogan’s podcast last month, Zuckerberg said his company is preparing to release a new headset next month. The device is largely expected to be Meta’s highly-anticipated Project Cambria platform. The headset is expected to cost nearly far more than the Quest 2 and could target enthusiasts.

Meta is pouring money into its attempts to own the metaverse, plowing $10 billion into the project in 2021 alone. And Zuckerberg has admitted that it will continue to cost the company billions for years to come.