Ford Authority

Ford-Backed EV Automaker Rivian Eyes $70 Billion Valuation For IPO

Back in February, Ford Authority reported that EV automaker Rivian was aiming to go public as soon as September with a valuation of $50 billion. However, we also noted that this timeline and valuation could shift dramatically, and now, it appears that it already has, just a few months later. Now, Bloomberg reports that the Ford-backed company could be eyeing a $70 billion dollar valuation for its initial public offering (IPO), which is still expected to happen later this year.

That $70 billion valuation would make Rivian’s IPO one of the largest of the year and one of the most notable EV listings since its primary competitor – Tesla – went public back in 2010. Rivian is currently working with a number of advisors to hammer out the details of its IPO as it prepares to begin deliveries of its first model – the R1T pickup – in July. The automaker previously planned to launch the model in June, but delayed it one month following a number of difficulties, as Ford Authority reported earlier this week.

EV automaker Rivian, which has financial backing from both Ford and Amazon, had a valuation of $27.6 billion back in January following its most recent investment round, in which the company raised $2.65 billion. Since 2019, Rivian has raised a total of $8 billion, which includes $1.3 billion in 2019, and another $2.5 billion added last year.

That includes Ford’s $500 million investment in 2019, which grants it access to Rivian’s Skateboard platform for a future Blue Oval electric vehicle, which the Rivian R1T and R1S will also ride on. Ford canceled its plans to build a future Lincoln SUV on the platform last spring, citing COVID-19 related issues. Additionally, Rivian will build 10,000 electric delivery vans for Amazon by 2022, with 100,000 units expected to be on the road by 2030.

We’ll have more on Rivian’s looming IPO soon, so be sure and subscribe to Ford Authority for more Rivian news and around-the-clock Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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