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.