Amazon-backed Rivian seeks 80 bn valuation in IPO

Amazon-backed EV startup Rivian is seeking a valuation of around $80 billion in its initial public offering, media reports said.

It has confidentially submitted its plans to US regulators for an IPO.

Rivian had raised $2.5 billion in a funding round led by existing investors Amazon, Ford Motor, D1 Capital Partners and T Rowe Price in July.

At that valuation, Rivian would have a bigger market capitalization than General Motors Co, the largest U.S. automaker. But it would still be dwarfed by Tesla Inc, which boasts of a market cap of nearly $700 billion and is currently planning to build a pickup truck that would compete with Rivian’s own version.

Rivian’s stock market flotation is expected to lead the year-end line-up for U.S. IPOs, which have so far raised a record haul of over $225 billion this year, according to data from Dealogic.

Rivian did not provide any other details on its IPO plans on Friday. It is expected to lift the veil off its finances for the first time in a public filing in the coming weeks.

The company is one of the most well-funded startups in the United States. It raised $10.5 billion since the start of 2019, including $2.5 billion in July in a round led by Amazon and Ford Motor Co.