Rivian Registers for IPO Hoping for $80 Billion Valuation
By Laura Cowan
Laura K. Cowan is a tech editor and journalist whose work has focused on promoting sustainability initiatives for automotive, green tech, and conscious living media outlets.
Rivian, the Michigan-based EV pickup startup, has just filed for an IPO hoping for a roughly $80 billion valuation. Rivian said in a statement Friday that the company has submitted S-1 registration to the SEC. The electric truck maker is aiming for an IPO around Thanksgiving of this year, but that timing will be determined by the SEC.
The aimed for valuation of $80 billion market capitalization would make Rivian worth more than each of the major domestic automakers at the moment. Rivian has been said to be one of the major contenders to take on Tesla in the electric vehicle marketplace, though they are positioned for a different market segment so will likely be competing instead with established automakers' attempts to rush into the era of all-electric vehicles based on legacy platforms or ground-up redesigns of traditional vehicles.
Rivian has yet to deliver any production vehicles to customers, so it's a bit hard to say at this point how the trucks will catch on with the public with the estimated 400-mile range of the flagship vehicle the R1T. Rivian's second model the R1S has been delayed in production. We expect to see the most reliable output from Rivian in delivering on its enormous contract with backer Amazon, who have ordered 100,000 all-electric Amazon delivery vehicles to be produced by the end of the decade, with 10,000 due by end of next year. Rivian is ramping up investment in factories, and should have more news to share soon as the IPO shapes up.