Amazon-Backed Electric Vehicle Maker Rivian Files for IPO

Well-backed electric vehicle maker Rivian has filed for an initial public offering, the company announced Friday.  (Rivian)

Electric vehicle maker Rivian said it has confidentially filed paperwork with regulators for an initial public offering, setting the stage for a blockbuster year-end market debut as it looks to tap into a red-hot IPO market in the US.

Although the company stated in its release that the size and price range for the offering are still up in the air, Bloomberg cited people familiar with the matter in reporting that Rivian is aiming for a valuation of around $80 billion.

Rivian is backed by behemoths Amazon and Ford, and received another $2.5 billion in an investment round last month. Both Amazon and Ford saw their stock prices boost following the IPO news.

Rivian has produced prototypes of its R1T pickup, with Amazon founder Jeff Bezos driving one – fellow astronauts in tow with the world watching – on the way to Blue Origin's launch pad to take the company's first manned space flight.

Limited production of the trucks was set to begin this month in the company's Normal, Ill., plant, after the model's rollout to the public was delayed this summer due to the supply chain issues and chip shortages facing all auto manufacturers in the age of COVID-19. Deliveries to customers are expected to begin in weeks.

Meanwhile, Rivian has big money, big plans and a big business-to-business deal already in the works.

In addition to the R1T truck and R1T SUV model, the EV automaker has already filed trademarks for another half-dozen models and Amazon has plans to buy 100,000 electric delivery vans from the startup over the next decade.

August 28, 2021