Rivian Gets Closer to IPO, Seeking Over $50 Billion Evaluation

The company updated registration documents with the Securities and Exchange Commission on Monday.

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Rivian edges closer to an I.P.O., seeking a valuation above $50 billion.

Rivian makes an upscale pickup truck and a sport-utility vehicle, both designed to be driven off-road.Credit…Lyndon French for The New York Times

Nov. 1, 2021, 6:50 p.m. ET

Rivian, an electric truck maker backed by Amazon and Ford Motor, is aiming to be valued above $50 billion in its initial public offering next week.

The company updated its registration documents with the Securities and Exchange Commission on Monday to say it was aiming to sell 135 million Class A common shares priced between $57 and $62 a share, raising up to $8.4 billion.

Rivian is one of many start-ups hoping to capture a share of the electric vehicle market, which is expected to grow exponentially over the next two decades. The company is chasing Tesla, the leader in the field. Tesla recently topped $1 trillion in value, and it made its first full-year profit last year.

Amazon has invested over $1.8 billion in Rivian, and it disclosed last week that it held a 20 percent stake in the company. Amazon, which has been building up its own delivery operation, has a contract to buy 100,000 delivery vehicles from Rivian.

Founded in 2009, Rivian makes an upscale pickup truck and a sport-utility vehicle, both designed to be driven off-road. “Keep the world adventurous forever,” the company proclaims in its I.P.O. filing.

At $62 per share, Rivian could have a value as high as $61 billion if extra shares that might get issued are counted. These include the additional shares that may get issued in the offering, if there is demand for them, and some shares underlying employee stock compensation, said Matthew Kennedy, a senior I.P.O. market strategist at Renaissance Capital.

Rivian first published its papers to go public in August, then aiming for a valuation of around $70 billion. Rivian has lost $2 billion since the start of last year, underscoring the costs and risks of developing electric vehicles. It expects to spend roughly $8 billion on facilities and equipment through the end of 2023.

Peter Eavis contributed reporting.

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