Rivian has filed for an initial public offering (IPO), seeking an $80 billion valuation, Bloomberg reported Friday.
The initial report cited anonymous sources familiar with the matter, but Rivian subsequently confirmed in a statement to Bloomberg that it had submitted its S-1 registration to the United States Securities and Exchange Commission.
Rivian said in its statement that the size and price range for the IPO had not been finalized. Bloomberg’s initial report said the company was aiming to launch its IPO around the U.S. Thanksgiving holiday, but it doesn’t appear that Rivian has publicly confirmed this.
Earlier this year, Bloomberg reported that Rivian wanted to launch an IPO in September, with a $50 billion valuation. A conventional IPO would be unusual for an EV startup, as most have opted for the quicker route of going public through so-called “reverse mergers” with special purpose acquisition company (SPAC) shell corporations.
Rivian has already raised $10.5 billion since 2019, including $2.5 billion in a funding round completed in July. Backers include Ford and Amazon, which also have deals with Rivian for vehicle-development programs.
Amazon has commissioned Rivian to build 100,000 electric delivery vans. A handful of vans were delivered earlier this year, and Amazon hopes to have the full fleet operational by 2030.
Ford has said it will use Rivian’s skateboard platform for an unspecified future EV. Rivian was also set to build a Lincoln EV at its Illinois factory, but that project was canceled in April 2020 as the coronavirus pandemic took hold.
However, Rivian still hasn’t delivered any vehicles to retail customers. Deliveries of the R1T pickup truck and R1S SUV were originally scheduled to begin toward the end of 2020, but the pandemic pushed that back to summer 2021. After another delay, Rivian now plans to begin R1T deliveries in September, with R1S deliveries following shortly thereafter.