Amazon-backed EV tech startup Rivian is going public at $66.5 billion valuation
Nickie Louise
Posted On November 10, 2021
Late last month, Amazon quietly increased its stake in electric vehicle tech startup Rivian to 20%, bringing its total equity to $3.8 billion. The revelation came from quarterly filings with the Securities and Exchange Commission (SEC). The retail giant stated that it now holds a 20% stake in Rivian, with a carrying value of $3.8 billion, up from $2.7 billion on Dec. 31. Now, the whole story is beginning to make much sense given the latest announcement from Rivian.
Last week, Rivian increased the expected price range to between $72 and $74 from a previous range of $57 to $62. At its $78 offer price, Rivian is already worth almost as much as Ford ($79 billion) and General Motors ($85 billion). That’s all before the company has even started generating real revenue.
The Plymouth, Michigan-based Rivian announced Tuesday that it has priced its IPO on Tuesday at $78 a share, in a deal that values the company at $66.5 billion. The company could also have a market cap of over $68 billion if the underwriters exercise their full purchase option. Rivian also said its stock will trade on the Nasdaq under ticker symbol RIVN.
Rivian is just one of the many EV startups going public this year. In July, Tesla’s rival Lucid Motors went public via SPAC in a $24 billion mega-deal. The company was able to raise an eye-watering $4.5 billion in new capital infusion.
Founded in 2009 by Robert J. Scaringe, Rivian is the world’s first electric adventure vehicle. The company is developing vehicles, technology, and services that inspire people to get out and explore the world. Rivian is an automotive technology company that develops products and services to advance the shift to sustainable mobility.
“As we near the start of vehicle production, it’s vital that we keep looking forward and pushing through to Rivian’s next phase of growth,” Rivian CEO RJ Scaringe said in a statement.
Rivian originally planned to launch its R1T pickup truck and R1S sport utility in the U.S. in 2020 but was later delayed. Last week, Rivian notified buyers it is delaying deliveries of the R1T pickup until September and the R1S SUV until later in the fall. Now the company plans to test its electric delivery vans in 16 cities by the end of 2021.
