The long-rumored Rivian IPO was originally reported to take place in September 2021. And the Rivian R1T scheduled to be produced a few months ago. But delays happen, and the R1T is only just now being delivered to customers. With that now happening, new reports indicate that Rivian is eying its initial public offering at an $80 billion USD valuation by either October or November of 2021.
Rivian IPO Aims To Raise Up To $8 Billion USD
Per Reuters, an $8 billion Rivian IPO would be one of the biggest in the past decade. Since 2011 only Alibaba, Facebook and Uber have raised more than $8 billion in an initial public offering according to Deallogic.
Headquartered in California by way of Michigan, with its first plant in Normal, Illinois, Rivian is an All-American electric vehicle automaker, and has raised $10.5 billion in the last three years alone. Rivian has also been approved to build a second manufacturing plant in Texas, while the capital raised from the IPO could fund future vehicle programs, as indicated by recent trademark filings.
Some of those already invested include Ford Motor Company, Amazon, T Rowe Price, Soros Fund Management, BlackRock Inc. and Fidelity.
The True Tesla Rival?
Rivian as an electric vehicle manufacture has a ways to go if it wants to be on the same level as Tesla and its (inflated?) $740 billion market cap. It is clear the two will be interesting rivals in the world of electric vehicle manufacturing. While Tesla has the Model 3 and Model S sedans, as well as the Model Y and Model X utility vehicles in production, Rivian is focusing on larger vehicle segments, such as pickup trucks with the R1T, and R1S SUV which is on the same platform as the truck.
Amazon has committed to making Rivian a partner in business, having already ordered 100,000 electric vans to be delivered by 2030. This helps Amazon inch closer to its goal of being carbon neutral by 2040, according to a business insider report from earlier this year.
A Rivian IPO has not released any official documents, however the automaker is expected to reveal more on finances in the coming weeks.