Production of the very first Rivian vehicle – the R1T Launch Edition – is officially underway, and the Ford-backed upstart EV maker has received all of the regulatory certifications it needs from agencies including the EPA, NHTSA, and CARB to start delivering the pickups to customers, according to Bloomberg. Rivian is expected to deliver around 100 units in the month of September, and can now look ahead to its continued expansion as it reportedly aims to raise between $5-$8 billion via its initial public offering, according to Reuters. As Ford Authority reported last month, the Rivian IPO is expected to garner a significant $80 billion dollar valuation.
Those numbers would make the Rivian IPO – expected to take place in October or November – one of the largest in years. If the automaker hits the top end of its fundraising target of $8 billion, it would also rank as the fourth-largest in the U.S. in the last ten years, placing it behind only Alibaba ($25 billion), Facebook ($16 billion), and Uber ($8.1 billion).
To date, Rivian has raised a grand total of $10.5 billion through multiple fundraising rounds, including a $500 million dollar investment from Ford back in 2019, as well as an additional $902 million in Q1 of this year. Rivian plans to use these funds to expand its existing plant in Normal, Illinois and is currently exploring the idea of building additional production facilities in the U.S. and the UK.
In the meantime, Rivian expects deliveries of its R1T Launch Edition to be completed by Spring 2022, while all Rivian R1S and R1T Launch Edition customers will hear from their personal guide by the end of November with expected delivery timing. Both the R1T and R1S will only be available in extremely limited quantities through 2023, due to supply constraints.