Rivian aims for $60 billion valuation in upcoming IPO

Rivian R1T electrical truck

Supply: Rivian

Electrical car start-up Rivian Automotive is concentrating on a valuation of greater than $60 billion in its preliminary public providing, sources accustomed to the matter confirmed to CNBC.

Rivian plans to go public as quickly as subsequent week and the valuation might shift by then, these sources mentioned. It plans to checklist on the Nasdaq underneath the ticker image “RIVN,” in line with Rivian’s IPO prospectus filed final month.

The valuation would make Rivian the titan amongst a crop of electrical car start-ups and not too long ago public corporations from the U.S., together with Fisker, Lordstown Motors and Lucid, and would put it on par with Chinese language electrical car maker Nio. It might additionally imply Rivian is barely barely much less invaluable than conventional automotive giants reminiscent of Ford, which is an investor in Rivian; Stellantis, which was created from the merger of Fiat-Chrysler and PSA; and GM.

Rivian is growing business last-mile supply vans for Amazon, which has mentioned it plans to have 10,000 vans on the street by 2022 and 100,000 by 2030. Rivian additionally beat Tesla, GM and Ford to the market with an electrical pickup, the R1T, which has obtained early acclaim.

Amazon final week disclosed it has a 20% stake in Rivian, which, mixed with different fairness investments, had a carrying worth of as much as $3.8 billion. Amazon has invested greater than $1.3 billion in Rivian thus far, the automaker mentioned in a separate securities submitting earlier this month.

Ford holds a roughly 12% stake in Rivian, the sources informed CNBC.

A Rivian spokesperson declined to touch upon the corporate’s anticipated IPO valuation or the worth of Ford’s stake within the start-up.

Information of Rivian’s anticipated valuation was beforehand reported by The Wall Road Journal.

WATCH: Amazon reveals it has 20% stake in Rivian

Latest news
Related news