It’s not easy for a startup to make it in today’s smartphone market, but Andy Rubin’s Essential might prove that it’s possible. While the company has yet to deliver any products, it has managed to bring its value as a company up in a major way, now being valued at over $1 billion.

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According to Bloomberg columnist Tim Culpan, Foxconn’s FIH Mobile, one of Essential’s latest investors, has filed for a $3 million investment that offers back just 0.25% of the company. Simple math reveals that the current valuation of the company now impressively sits at about $1.2 billion.

Reports from June claimed that Essential’s value was just under this number at $997 million, but it’s still incredible that the extremely young company has already managed such a high valuation. It’s also great news for the company that it has passed the billion-dollar mark at this point since we’re approaching the launch of its first product.

As forĀ when the Essential Phone is going to launch, we still don’t know. Availability at Best Buy and other retailers is a good sign that it’s right around the corner, but the company says that we’ll learn more next week.

If you’re in Canada and were hoping to score an Essential Phone from your local TELUS store, you’re going to face quite a hefty price tag. The device is already in flagship territory with its $699 price tag, but on TELUS the phone is apparently going to ask a staggering $1,050 price. Alternatively, the carrier is offering $290 down with a 2-year, $95/month price, or $490 down with a 2-year, $85/ month price. In any case, that’s a lot of cash for this phone. Pre-orders kick off through TELUS on August 17th.

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