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This article examines the agency of unrealized megaprojects in bolstering economic activity, legitimizing political regimes, and expanding designer's portfolios. It argues that such proposals serve as a form of "Architectural Rumor," providing politico-economic agency despite ultimate project infeasibility. Specifically, it looks at two case studies of proposed yet unrealized island megaprojects in the city of Baku, Azerbaijan: the 2009 Zira Island Master Plan and the 2010 Khazar Islands Plan. Spectacular urban design and architecture have long served as catalysts for development, investment attraction, and real estate speculation. As cities compete with one another to lure capital and boost their global status, many design proposals have become increasingly expensive, ostentatious, and technologically sophisticated. The high-risk financial nature of grand urban design proposals and their frequent associations with displacement or environmental destruction suggests that the megaproject model is becoming flawed. At the same time, there remain advantages for clients and politicians to proposing designs that are more spectacular than feasible. Using a mixed-methods approach, four key arenas in which unrealized proposals circulate are described. The various benefits and detriments of such an approach to architectural commodification are also discussed, foregrounding the broader societal costs. [ABSTRACT FROM AUTHOR]