Electric vehicle startup Rivian could go public as soon as September, becoming the latest EV maker to hit the stock market in the past 18 months.
People familiar with the matter claim that Rivian has been speaking to bankers about its plans to go public at a valuation of roughly $50 billion or more. While an initial offering sometime this year is being targeted, sources claim the listing may slip into 2022, Bloomberg reports.
Of the many EV startups to come out of the woodwork in recent years, Rivian is perhaps the most promising. It is on the verge of beginning customer deliveries of the long-awaited R1T pickup and R1S SUV and has raised more than $8 billion from private investors, significantly more than its rival startups. Key investors in Rivian include Ford, Amazon’s Climate Pledge Fund, and Fidelity Management and Research Company. A new round of investments secured in January valued the company at $27.6 billion.
A $50 billion valuation would make Rivian IPO’s one of the biggest of the year and one of the most significant EV listings since Tesla went public in 2010. EV startup Li Auto raised $1.26 billion when it went public in July while Xpeng raised $1.5 billion in its August listing. Nikola infamously went public through a special purpose acquisition company last year, as did Fisker.
Rivian has declined to comment on the reports of it going public.
Not only is the company readying the R1T and R1S for production but it also has a deal with Amazon to build 100,000 custom electric delivery vans by 2030. Approximately 10,000 of these vans will be on the roads by 2022.