Google-backed Magic Leap is raising $827 million - before even releasing a product

Magic Leap, the Google-backed "cinematic reality" startup that's made huge waves in the technology community, has raised a massive $827 million round of new venture funding, according to documents obtained by Forbes.

According to Forbes, this deal would value Magic Leap at $3.7 billion, while bringing the company's total funding to date to $1.4 billion.

That's a little lower than the $4.5 billion indicated by earlier reports, but enough to nudge it above the valuations of Silicon Valley darlings like Slack ($2.8 billion). No matter how you slice it, this would make Magic Leap one of the most valuable startups in the world.

Which is impressive, considering that Magic Leap has yet to actually show its product.

Magic Leap's technology is still largely top secret. But we know that it's an augmented reality platform, similar on the surface to Microsoft's HoloLens, which will project three-dimensional images into your field of view.

On October 21st, 2014 - almost exactly a year ago - Google led a $542 million investment in Magic Leap. Re/code previously reported that Chinese e-commerce giant Alibaba is said to be participating in this new round, to the tune of $200 million. 

Expectations are high, as the public eagerly waits for more details. But after a long run of staying silent, Magic Leap showed off its first-ever video demonstration of what it promises is its actual technology, running in real-time, this past October:

 We have reached out to Magic Leap for comment and will update this post if we hear back.