Apple appears to have embarked on a buying spree over the past week, as startup valuations come down amid the coronavirus pandemic.

The smartphone giant is reportedly in the process of acquiring NextVR, a VR streaming service provider that aimed to revolutionize the way we watch sports and entertainment, according to a new report from 9to5mac's Zac Hall.

Although the acquisition hasn't closed yet, 9to5 reports that the two companies have begun informing employees who will need to relocate from San Diego.

Based in California, NextVR made a name for itself by partnering with sports brands such as the NFL, allowing viewers to watch its events using headsets from PlayStation and Microsoft. It raised about $115.5 million in funding since 2009, according to data from Crunchbase.

The acquisition should help Apple in its move to conquer the world of VR and AR over the next few years. Apple earlier told its employees that it was aiming to launch its first AR headset by 2022, according to a report by the Information.

Apple and NextVR did not immediately respond to Business Insider's request for comment.

Apple's buying spree

Apple frequently buys smaller startups without disclosing the details, Apple CEO Tim Cook told CNBC last May. But an uptick in acquisitions — three in a week — is particularly significant as startups tackle the economic pressures brought by the coronavirus pandemic.

Last week, Apple acquired the acclaimed weather app DarkSky, in a move predicted to add to a growing list of services division. DarkSky's founder Adam Grossman announced the news in a blog post, but didn't disclose any of the deal's details.

Then it acquired the Dublin-based AI startup Voysis, whose technology could help bolster Siri's language skills, according to Bloomberg's Mark Gurman. The terms of the deal were also left undisclosed.

Aside from the past week, Apple has made just one other publicly-known acquisition this year — a little known AI startup Xnor.ai for $200 million.