FIH Mobile, a subsidiary of Foxconn, has filed $3 million for a 0.25% stake in Essential. This has revealed that Essential is now valued at $1.2 billion, which is a significant bump over the previous $997 million valuation. This is made even more impressive by the fact that the company hasn’t shipped a single product yet.
When a company’s value goes over $1 billion, it is considered a “unicorn.” It’s not all that surprising that a company founded by Andy Rubin would hit this milestone, but it makes the upcoming Essential Phone even more exciting and the delays even more frustrating.
As for the Essential Phone, the device is currently in full mass production and we should be getting a launch date later this week. Stay tuned for more news on the elusive device!