It’s water. In a can. With a morbid name.

That’s it.

And a fresh round of investment has brought the value of the company to $700 million.

In case you haven’t seen it at Whole Foods, Target and other retailers, Liquid Death is nothing more than water poured into beer cans. Seriously. That’s it. And it has a buzzy name.

Yet the startup is on track to earn $130 million in revenue this year — nearly triple last year’s earnings.

“With this momentum, the company is beginning to lay the groundwork for the IPO path in case it makes sense for the business as well as expand into Europe,” investor Peter Pham wrote online.

“Liquid Death is moving people toward healthier and sustainable drinking options, not by preaching to them, but by entertaining them and making them a part of something bigger in culture.”

Yeah, whatever. It’s canned water.

But, like Pet Rocks, Beanie Babies and so many other fad products, Liquid Death has caught the public’s fancy. And sales are climbing.

A 17-ounce can of water might sell for almost $2.

P.T. Barnum would be proud.