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Rivian files to go public at up to a reported $80 billion valuation

Buzzy (and intensely well-funded) EV startup Rivian has filed paperwork with the Securities and Alternate Fee to go public. Rivian shall be doing a conventional preliminary public providing, bucking the latest pattern of electrical autos going public by merging with a particular goal acquisition firm, or SPAC.

The corporate, which is backed by Amazon and Ford, introduced that it submitted a draft registration assertion for the IPO in a press release. The draft will initially stay confidential, although Bloomberg has reported that Rivian is looking for a valuation as excessive as $80 billion. The IPO date is anticipated to be someday earlier than the tip of this yr. When it occurs, Rivian will add to a fundraising battle chest that’s already over $10 billion.

Rivian’s IPO submitting comes because the startup is about to lastly ship its first car: the R1T electrical pickup truck. Initially revealed at the 2018 Los Angeles Auto Show, the R1T has been hit with multiple delays. Rivian’s second car, an electrical SUV referred to as the R1S, is meant to comply with quickly after. Rivian can be growing electrical supply vans for Amazon, which owns at least 10 % of the corporate following its investments.

Rivian bucking the SPAC pattern suits the corporate’s longstanding sample of zigging the place different EV startups have zagged. Whereas a lot of its friends (like Faraday Future, Byton, and Nio) emerged within the mid 2010s with splashy bulletins and exorbitant spending, Rivian was based in 2009 and stayed in stealth mode till 2018. As a substitute of attempting to construct its personal manufacturing unit, it purchased an current one and repurposed it (although it’s now reportedly fascinated about constructing a second manufacturing unit from scratch). Rivian spent a lot of time crafting a model, too, as an alternative of focusing solely on the expertise it has been growing.

All informed, it was an unusually methodical method for an EV startup, however one which helped Rivian courtroom massive title buyers and strategic companions alongside the best way, setting it up for a massive IPO that’s now nearer than ever.

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