Kneejerk impression: fake. But it's real, done by using layered liquids of different densities. The details are at Cooking with Family and Friends:
Take a shaker tin and fill it 3/4 with ice. Add 2 ounces each of Malibu, Vodka, and Triple Sec first. Tilt the tin and add 2 ounces Grenadine. Then add 2 ounces OJ and 2 ounces Sweet and Sour. Finally topping it off with 2 ounces Blue Curacao.Via Reddit.