Rivian Automotive Inc., an electric-vehicle startup that has received financial backing from both Amazon.com Inc. and Ford Motor Co., is determined to go public as soon as September 2021. According to sources that are familiar with the company, Rivian is expecting a valuation of $50 billion at the time of its initial public offering.
While the date of the company’s IPO, as well as its value, are subject to change, the startup is currently in talks with numerous bankers regarding its plans. To date, the startup has raised more than $8 billion in its fundraising efforts. Much of this success has been attributed to the confidence that investors have expressed in Rivian’s ability to perform well in the U.S. market.
One of the most high-profile potential competitors to Tesla Inc., Rivian is expected to be one of the largest IPOs throughout this financial year.
Currently, Rivian has 3,600 employees, working from offices in Michigan and California as well as a manufacturing facility in Illinois. The EV manufacturer recently signed an agreement with Amazon to provide the eCommerce corporation with 100,000 custom electric delivery vans by 2030.
Production on the company’s first consumer EV, the R1T pickup, is due to commence in June this year.
