Ultrashort, coherent x-ray pulses of a free-electron laser are used to holographically image the magnetization dynamics within a magnetic domain pattern after creation of a localized excitation via an optical standing wave. We observe a spatially confined reduction of the magnetization within a couple of hundred femtoseconds followed by its slower recovery. Additionally, the experimental results show evidence of a spatial evolution of magnetization, which we attribute to ultrafast transport of nonequilibrium spin-polarized electrons for early times and to a fluence-dependent remagnetization rate for later times. DOI: 10.1103/PhysRevLett.112.217203 PACS numbers: 75.78.Jp, 42.40.Kw, 75.25.−j, 78.70.Ck Progress in the field of light-induced, ultrafast manipulation of magnetic order has recently led to all-optical, ultrafast magnetic switching [1][2][3] and to an increased control of its dynamics by designing tailored nanostructured samples [4][5][6][7] as well as by exploiting nanoscale magnetic inhomogeneities [8,9]. The influence of interfaces between different materials and magnetic domain boundaries has cast doubt on our theoretical understanding of the underlying fundamental mechanism responsible for femtosecond magnetization dynamics. The model explaining the ultrafast loss of magnetic order after optical excitation by (e.g., electron-phonon or impurity-mediated) spin-flip scattering events [10] has in part been challenged by an approach based on nonlocal superdiffusive spin transport [11]. In spite of their very different microscopic origins, both have been successful in explaining a wide range of experimental data, suggesting that both mechanisms play an important role and that their respective magnitudes depend on the specific experimental conditions [7]. More specifically, in the case of superdiffusive spin transport, energy-and spin-dependent electron lifetimes and velocities induce spin-polarized currents, leading to significant ultrafast spatial rearrangement of magnetic order.To gain control of magnetization dynamics and all-optical switching in the lateral dimension, one relies on nanometer localization of the optical excitation, as well as detailed knowledge on how (spin-polarized) electron currents lead to a spatial transfer of magnetization. Technologically this plays an important role not only for all-optical approaches, but also for heat-assisted magnetic recording, which has the potential to increase the magnetic recording density by lowering the coercitivity of high-anisotropy materials [12]. Necessary to this end, it is required to deliver the optical energy to a sub-100-nm spot size, i.e., far beyond the diffraction limit of optical light. The most successful approaches include localization of the evanescent light from near-field optical probes [13], using metallic plates to excite surface plasmons [14,15] or a combination thereof [16].Here, we implement time-resolved Fourier transform holography (FTH) [17] and exploit x-ray magnetic circular dichroism (XMCD) to directly image the magnet...