Reverse Alchemy was a collaborative, research-led project developed through a partnership between the Royal College of Art (RCA) and the Korean National University of the Arts (K-Arts). Bringing together researchers and students across institutions and continents, the project explored emerging synergies between Artificial Intelligence (AI) and Extended Reality (XR), positioning art and design methodologies as critical tools for shaping the trajectories of these technologies beyond conventional research and development frameworks. Framed by the metaphor of “reverse alchemy,” the project invited students to intervene in complex technical systems in order to reorient them towards more organic, ethical, inclusive, and sustainable outcomes. Through speculative inquiry, critical making, and experiential design, students explored themes such as human–AI collaboration, social and collective intelligence, training AI within virtual environments, advanced visualisation, authorship and ownership, and the role of immersive technologies in amplifying marginalised voices. The programme was supported by contributions from experts at Meta Reality Labs and industry partners, who led talks and workshops providing technical insight alongside critical perspectives on emerging tools and infrastructures. The project culminated in two public exhibitions. The first was presented at Hyundai Motors ONSO in Seoul, engaging industry professionals, academics, and public audiences. The second took place at the Hangar space on the RCA’s Battersea campus in London and featured immersive installations, interactive demonstrations, hands-on workshops, and two panel discussions. These events brought together researchers, technologists, curators, artists, and educators to critically examine the cultural implications of AI and XR, including questions of sustainability, documentation, archiving, and the evolving role of immersive media in cultural production. Collectively, Reverse Alchemy demonstrated the value of international, design-led collaboration in imagining and materially testing more resilient and equitable technological futures.