Amazon-Backed EV Maker Rivian Seeks $80B Valuation in IPO

Amazon (NASDAQ: AMZN)-backed electric car company Rivian has filed confidentially for an initial public offering and is seeking a roughly $80 billion valuation, Bloomberg reported citing to people familiar with the matter.

According to the reports, the company would like to do an IPO around the Nov. 25 Thanksgiving holiday, said the people, who asked not to be identified because the filing was confidential. The timing will depend on approval from the SEC.

With $10.5 billion raised from backers including Amazon and Ford Motor Co. (NYSE: F), an established factory in Illinois and thousands of reservation holders, Rivian is considered to potentially be a serious competitor to Tesla Inc (NASDAQ: TSLA).

The $80 billion valuation Rivian is hoping for would make them the sixth-most valuable car company in the world, displacing General Motors (NYSE: GM) with a valuation of $72.22 billion. Daimler is fifth with an $89.76 billion valuation. Tesla leads all carmakers with a staggering $700 billion valuation.

The IPO filing is still not published on the SEC’s EDGAR system filings, which show Rivian’s last interaction with the SEC was in 2012 when it filed a Form D, a notice of exempt offerings of securities.

By Michael Elkins | [email protected]

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