This research paper proposes a Latent Diffusion Model for 3D (LDM3D) that generates both image and depth map data from a given text prompt, allowing users to generate RGBD images from text prompts. The LDM3D model is fine-tuned on a dataset of tuples containing an RGB image, depth map and caption, and validated through extensive experiments. We also develop an application called DepthFusion, which uses the generated RGB images and depth maps to create immersive and interactive 360-degree-view experiences using TouchDesigner. This technology has the potential to transform a wide range of industries, from entertainment and gaming to architecture and design. Overall, this paper presents a significant contribution to the field of generative AI and computer vision, and showcases the potential of LDM3D and DepthFusion to revolutionize content creation and digital experiences.