Re/code has a stellar track record when it comes to Apple news, so we believe this report to be legitimate.

According to the report, Apple says it is confident enough in its product that it will produce 3 to 5 million for the initial shipment.

The New York Times was one of the first outlets to report on the iWatch, after a February 2013 report from Nick Bilton illuminated Apple's nascent smartwatch efforts, likening its possible "next big thing" to something Dick Tracy or James Bond would use: "A watch that double[s] as a computer, two-way radio, mapping device or television."