Rivian Files For IPO, Seeking About $80 Billion Valuation

(Bloomberg) — Rivian Automotive Inc., the maker of electric pickup trucks backed by Amazon.com Inc., has filed an initial public offering, targeting a valuation of about $80 billion, according to people familiar with the matter .

The Irvine, California-based startup said in a statement Friday that it has filed its S-1 registration with the Securities and Exchange Commission, confirming an earlier report from Bloomberg News. The company would like to go public around the Thanksgiving holiday of Nov. 25, the people said, asking not to be identified because the filing was confidential. The timing is subject to SEC approval.

Should Rivian go public with a market cap of $80 billion, it would be one of its biggest debuts on that basis this year. With $10.5 billion raised from backers including Amazon and Ford Motor Co., an established Illinois plant and thousands of reservation holders for its R1T truck and R1S sports car, Rivian is one of the most serious competitors lined up ​to become the leader in electric vehicles. Tesla Inc.

Rivian said in his statement that the size and price range for the proposed offering has not yet been determined. The company is working on the IPO with advisors including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, Bloomberg News reported in May.

Amazon shares rose a whopping 0.6% shortly after the start of regular trading, while Ford rose more than 2%. Rivian’s institutional investors include T. Rowe Price, BlackRock, Soros Fund Management, Fidelity, Coatue and Third Point.

While the company has a who’s who list of backers, it has yet to supply vehicles to retail customers and has faced multiple setbacks in starting production. The Covid-19 pandemic has led to supply chain disruptions and parts shortages that have forced Chief Executive Officer RJ Scaringe to postpone the launch of his model several times.

Still, the company has big plans. It is seeking sites for a European manufacturing site, Bloomberg News reported in February, and is in talks with the city of Fort Worth, Texas, about investing at least $5 billion in a second U.S. assembly plant.

The R1T pickup is slated to enter limited production this month and has a 400-mile driving range. The company will build the truck and the indefinitely delayed R1S at a former Mitsubishi Motors Corp. factory. in Normal, Illinois.

Rivian also has a contract with Amazon to build 100,000 electric vans by the end of the decade, with 10,000 by the end of next year.

Equity capital markets have seen a slew of major IPOs this year, including Robinhood Markets Inc. Another major startup, restaurant payment company Toast Inc., filed for its offering on Friday, while eyewear retailer Warby Parker Inc. earlier this week revealed its financial details of a direct listing.

(Updates with Rivian’s confirmation in the second paragraph.)

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