Rivian, a company best known for its electric pickup trucks, has filed for an IPO with an impressive $80 billion valuation.
Rivian's ability to generate finance has surprised us for years.
They set the bar for how much money can be raised in the electric vehicle industry.
The company has raised nearly $10 billion since its start a decade ago, with recent large investments from Amazon and Ford.
There have been talks about going public in the last year, as the company gets closer to its first consumer deliveries.
Rivian launched its public offering today in an SEC filing of a confidential S-1 form:
“Rivian said today that it has submitted a confidential proposal registration statement on Form S-1 to the Securities and Exchange Commission (the "SEC") in connection with its proposed public offering of common stock. The planned offering's size and cost range have yet to be decided. After the SEC completes its review process, the initial public offering is expected to take place, subject to market and other conditions.”
We still don't know anything about the company's finances because they filed confidentially.
However, Bloomberg says that the IPO will be valued at $80 billion:
“According to people familiar with the situation, Rivian Automotive Inc., a maker of electric pickup trucks backed by Amazon.com Inc., has filed for an initial public offering and is seeking a valuation of around $80 billion.”
The process is expected to take months before it can be listed on the public market, as is normal.
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