Rivian Automotive is targeting an IPO that could value the electric vehicle startup at $70 billion, according to a Bloomberg report.The company is working with advisers from Goldman Sachs, JPMorgan, and Morgan Stanley.Rivian is backed by Amazon and was valued at $27.6 billion when it raised $2.65 billion in January.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Previous reports suggested Rivian could target a $50 billion valuation in its public debut. The company was last valued at $27.6 billion when it raised $2.65 billion from T. Rowe Price Group, Fidelity Investments, and Amazon in January.
Amazon's investment in Rivian goes well beyond its January fundraise. The e-commerce giant committed to buying 100,000 electric delivery vans produced by Rivian in 2019, and some of those deliveries began to hit the road earlier this year.
Rivian had targeted a June launch of its electric pickup truck, the RIT, but the company recently pushed back its planned launch to July. The company didn't give a reason for the delay, but a supply chain crunch in the automotive sector has temporarily sidelined production for a number of companies, including Ford, Tesla, and General Motors.
When the Rivian RIT does hit the market, it will be one of the first electric pickup trucks on the market and seek to standout against competition, like Ford's recently unveiled F-150 Lightning, and Tesla's Cybertruck.
The company has hired advisers from JPMorgan, Goldman Sachs, and Morgan Stanley to work on the IPO, according to the report. No final decisions have been made about the IPO and details of Rivian's potential listing could change, sources told Bloomberg.
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