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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

Clarence Thomas says Supreme Court could be "most dangerous" branch

Photo: Tasos Katopodis/Getty Images

Justice Clarence Thomas on Thursday, during rare public remarks at the University of Notre Dame, warned against politicizing the Supreme Court.

Driving the news: Thomas, the court's longest-serving member, said that the justices do not rule based on "personal preferences" and that politicians should not "allow others to manipulate our institutions when we don’t get the outcome that we like," per the Washington Post.

FTC releases findings on how Big Tech eats little tech

Photo illustration: Sarah Grillo/Axios. Photo: An Rong Xu/Washington Post via Getty Images

Federal Trade Commission chair Lina Khan signaled changes are on the way in how the agency scrutinizes acquisitions after revealing the results of a study of a decade's worth of Big Tech company deals that weren't reported to the agency.

Why it matters: Tech's business ecosystem is built on giant companies buying up small startups, but the message from the antitrust agency this week could chill mergers and acquisitions in the sector.

First look: Biden's economic case for green cards

Photo: Win McNamee/Getty Images

The White House Council of Economic Advisors (CEA) is promoting the economic benefits and costs of providing green cards to millions of unauthorized immigrants in a blogpost being released on Friday, according to a draft provided to Axios.

Why it matters: The post comes as the fate of millions of immigrants, including those with Temporary Protected Status or DACA protections, rests with Congress — and the Senate parliamentarian.