Rivian files for IPO, with the Amazon-backed EV maker reportedly seeking $80 billion valuation

© Rivian Rivian has racked up billions in investment from investors like Ford and BlackRock. Rivian

  • Rivian, the electric vehicle manufacturer backed by Amazon and Ford, has confidentially filed for its IPO.
  • The company is reportedly seeking a valuation of $80 billion, according to Bloomberg.
  • Rivian has raised more than $10 billion since its founding, most recently at a $27 billion valuation, according to reports.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Rivian, the electric vehicle manufacturer backed by Amazon and Ford, has confidentially filed for its upcoming IPO, the company said in a press release on Friday.

Rivian has built a line-up of electric pickup trucks that it plans to begin delivering to customers later this year. Additionally, the company developed an electric delivery van for Amazon and entered a contract with the e-commerce giant to deliver 100,000 vans by the end of this decade, with 10,000 vans expected to be delivered by the end of next year.

The EV maker is reportedly seeking a valuation of up to $80 billion when it goes public, according to Bloomberg. The company is aiming for an IPO debut around the Thanksgiving holiday in late November, the report said.

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Rivian has raised more than $10 billion since its inception from various investors, including T. Rowe Price, Fidelity, Ford, and Amazon. Rivian’s last funding round valued the company at about $28 billion, according to media reports.

The company is seen as one of the most viable competitors to Tesla’s dominance in the EV space, in part thanks to its refined designs, unique vehicle features, and expected long battery range.

Rivian’s expected public debut later this year will top off a busy year for IPOs, with high-profile names like Robinhood, Didi, and Oatly completing their offerings earlier this year.

Read the original article on Business Insider

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