Warby Parker shares surged more than 15% after Google announced a smart glasses partnership at the tech company’s annual developer conference.

Google has committed up to $150 million as part of the agreement. The company has committed $75 million into product development costs and will invest as much as an additional $75 million into the glasses company if Warby meets “certain collaboration milestones,” the companies announced.

Warby Parker said it plans to launch a series of smart glasses with Google, with the first line of products set to arrive sometime “after 2025.” The glasses will be built on top of Google’s Android XR, an operating system for headset computers. Android XR will include Google’s Gemini AI assistant that users can speak with to control their device.

“We know that these need to be stylish glasses that you’ll want to wear all day,” said Shahram Izadi, Google’s vice president and general manager of AR/XR. “We want you to be able to wear glasses that match your personal taste,” he added.

The Warby Parker and Google alliance will rival that of the partnership between Facebook-parent Meta and EssilorLuxottica, the maker of Ray-Ban. Meta and Luxottica in 2023 launched the second edition of their smart glasses, and the two companies are set to roll out a third generation of the glasses with a small display, CNBC previously reported. Meta first announced the partnership in 2020.

The partnership with Warby Parker is a return to the world of glasses for Alphabet. The company famously launched its futuristic Google Glass device in 2013, but the product drew privacy concerns.

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