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Illustration courtesy of Magic Leap

Augmented reality startup Magic Leap is raising upwards of $1 billion in new venture capital funding, according to a Delaware regulatory filing unearthed by CB Insights. It would be Series D stock sold at $27 per share, which is a 17.2% bump from Series C shares issued in the summer of 2016.

Bottom line: Magic Leap still hasn't come out with a commercial product, having repeatedly missed expected release dates. But investors must still like what they see down in Ft. Lauderdale, given that they keep plugging in more money at increased valuations.

Digging in: Multiple sources tell Axios that the deal is closed, although we do not know exactly how much was raised. The Delaware filing is only a stock authorization, which means the Florida-based company may actually raise less. Bloomberg had reported last month that Magic Leap was raising $500 million at around a $5.5 billion pre-money valuation, with new investors expected to include Singapore's Temasek Holdings. One source suggests the final numbers should be close to what Bloomberg reported.

Go deeper

Democrats drubbing Trumpless GOP on social media

Data: Twitter/CrowdTangle (Feb 24, 2021); Chart: Will Chase/Axios

In a swift reversal from 90 days ago, Democrats are now the ones with overpowering social media muscle and the ability to drive news.

The big picture: Former President Donald Trump’s digital exile and the reversal of national power has turned the tables on which party can keep a stranglehold on online conversation.

Here come Earmarks 2.0

DeLauro at a hearing in May 2020. Photo: Alex Wong/Getty Images

The House Appropriations Committee is preparing to announce details of a plan to restore a limited version of earmarks, which give lawmakers power to direct spending to their districts to pay for special projects.

Why it matters: A series of scandals involving members in both parties prompted a moratorium on earmarks in 2011. But Democrats argue it's worth the risk to bring them back because earmarks would increase their leverage to pass critical legislation with a narrow majority, especially infrastructure and spending bills.

Caitlin Owens, author of Vitals
50 mins ago - Health

New data reignites the debate over coronavirus vaccine strategy

Illustration: Eniola Odetunde/Axios

New research is bolstering the case for delaying second doses of coronavirus vaccines.

Why it matters: Most vulnerable Americans remain unvaccinated heading into March, when experts predict the more infectious virus variant first found in the U.K. could become dominant in the U.S.