Rivian Is Hoping for $80 Billion to Go Public
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There’s no denying that the electric pickup truck will be welcomed by many consumers. Having all that cargo and hauling power without burning gas or diesel would be ideal for any truck owner.
Rivian struggled to provide its electric R1T with enough torque and performance while keeping its maneuverability, but the truck is now ready for the public. Consumers are watching Rivian closely since the release of the R1T has been delayed. In the meantime, the brand has delivered more exciting news.
According to Motor Trend, Rivian has recently filed for its initial public offering (IPO) on August 27, hoping to get a valuation of $80 billion. Rivian’s high IPO valuation has shocked some investors.
Rivian announces IPO before the R1T release
In the countdown to the now-delayed R1T release, followers of the electric truck have been speculating whether the brand would file for an IPO, and if so, when that would be. The high valuation took the community by surprise, considering that R1Ts are not yet on the road.
That said, Rivian may have planned their IPO announcement timeline before the summer R1T delay. This news would make more sense if the R1T had just been released.
It’s not clear when we’ll finally see the R1T on the market. It seems like Rivian shares will be available to the public before its primary product.
Rivian hopes to go public with a value of $80 billion
Rivian is known to be a powerhouse in the vehicle industry, even before releasing their electric trucks and SUVs. Their recent filing for an initial public offering with an estimation of $80 billion in value is a bold but confident move.
The question is how Rivian came to this number. The company has raised more than $10 billion in financial backing and the car technology they’re producing is highly valuable. However, $80 billion is a surprising number for any business that has yet to roll out its product.
Rivian is waiting for approval of the IPO from the Securities and Exchange Commission (SEC).
A large IPO valuation would be good news for Rivian, increasing the value of their stock and creating a larger pool of shares to buy. The IPO would be good news for anyone looking to invest in this electric vehicle brand.
Though $80 billion is a high number, Rivian has many reasons to believe that they will be valued highly. Rivian has received impressive funding from companies like Amazon and Ford, which contributed $700 million and $500 million, respectively.
When will we see Rivian go public?
Rivian’s $80 billion valuation is an estimate, and the number isn’t set in stone. We won’t know the date that Rivian will open its initial public offering, or the size and price range, until the SEC approves the filing.
In the meantime, buyers will be keeping an eye on the R1T release. Motor Trend reported that Rivian still plans to start vehicle deliveries before the end of the year.
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