Rivian, an EV truck startup, is aiming for a $60 billion valuation in its IPO
According to a filing with the Securities and Exchange Commission on Monday, Rivian, a startup electric truck manufacturer, is seeking a valuation of around $60 billion in its upcoming initial public offering.
Rivian intends to issue 135 million shares of common stock at a price range of $57 to $62 per share. After the IPO, the company will have 994 million total shares outstanding, valuing it at nearly $62 billion at the top end of the pricing range.
According to the SEC filing, the stock will begin trading on the Nasdaq under the ticker symbol RIVN this month.
Rivian is developing an electric truck and SUV, as well as 100,000 custom EV delivery vans for Amazon, which is a company investor. Rivian has raised approximately $10.5 billion from investors since 2019, including Ford Motor Co. and T. Rowe Price, which valued the EV manufacturer at $28 billion at the beginning of the year.
Amazon disclosed last week in an SEC filing that it owned about a 20% equity stake in Rivian as of Sept. 30.
Rivian’s IPO could raise more than $8 billion, the most since Uber raised $8.1 billion in 2019.
Rivian’s valuation of $60 billion would put it in competition with Ford, which has a market cap of $72 billion, and General Motors, which has a market cap of $81 billion.
Rivian still has a long way to go before it can catch up to EV leader Tesla, which has a $1.2 trillion market cap as of Monday after surpassing the $1 trillion valuation mark last week.
Rivian has generated a lot of buzz with its first models, which have 300-plus miles of range, can accelerate from zero to 60 mph in three seconds, and start at $73,000 for the R1T truck and $75,500 for the R1S SUV, which are offset by a $7,500 federal tax credit for electric vehicles. According to the IPO filing, the first trucks rolled off the assembly line in September, with the SUV following in December.
According to Monday’s IPO filing, Rivian had received approximately 55,400 R1T and R1S preorders from customers who paid a refundable $1,000 deposit as of Oct. 31. Rivian has reserved up to 7% of the IPO shares for customers in the United States who had standing preorders as of September 30.
The $73,000 R1 T’s launch edition is now sold out, according to the company. However, the Adventure, which has similar features and is also priced at $73,000 before the federal rebate, and the Explore, a slightly more utilitarian model priced at $67,500, are both set to be released in January.
Rivian, which was founded in 2009, employs 3,136 people at its Illinois production facility, a converted Mitsubishi plant in Normal, a college town about 130 miles south of Chicago. The company, headquartered in Irvine, California, employs approximately 9,000 people in total.
According to the IPO filing, the Normal plant can produce up to 150,000 vehicles per year, with expansion plans allowing it to reach 200,000 vehicles by 2023.