With its all-star development team, perhaps it wasn't a matter of "Will Project Phoenix raise an absurd amount of money?" so much as "How absurd will the amount of money Project Phoenix raises be?" Is $1 million USD absurd enough for you?
After 29 days on Kickstarter, Project Phoenix has raised a grand total of $1,014,600. That's quite the amount of moolah.
Project Phoenix is going to be, as described by its Kickstarter page, "a squad-based, real-time strategy game combined with strong Japanese RPG design influences, brought to you by top Eastern and Western creators who have worked on many blockbuster game titles."