Electric pickup truck maker Rivian is planning an IPO to be publicly traded later this year for $ 50 billion.
EV SPAC Frenzy
In recent months, there has been a strong tendency for electric vehicle companies to go public through SPAC reverse merger agreements.
Fisker, Arrival, Lion Electric, Lordstown Motors, Proterra, Faraday Future and others have concluded or announced SPAC agreements.
The trend started with Tesla having an incredible performance in the stock market and other EV companies trying to seize the moment and raise more money.
While some of the deals have been criticized due to the fact that several of these companies have little or no revenue and / or are not close to reaching production, it has also helped to channel more money into the transition to electric vehicles.
Rivian going the good old way
Rivian is one of the few EV companies that has not joined the SPAC movement.
The main reason is that they have no problem raising money privately.
In February 2019, Rivian received a $ 700 million financing round led by Amazon, and Ford invested $ 500 million in starting the electric pickup just two months later.
The startup also added Cox Automotive as an investor with a $ 350 million spin in September. 2019 ended with a massive $ 1.3 billion financing round in December.
In 2020, the company returned to the bank and managed to raise another $ 2.5 billion from existing investors and also from T. Rowe Price Associates, a major Tesla investor.
They started out strong 2021, with another $ 2.6 billion round of financing ending last month.
Bloomberg now reports that Rivian is planning an IPO later this year, with a valuation of around $ 50 billion:
“Rivian Automotive Inc., the electric vehicle startup supported by Amazon.com Inc. and Ford Motor Co., plans to go public in September with an appraisal of around $ 50 billion or perhaps more, according to familiar people. care about you. “
Unlike the companies mentioned earlier, Rivian would follow the traditional IPO path, instead of making a SPAC deal.
In addition, with the first deliveries planned for June, the automaker would expect to have some revenue before going public.
FTC: We use affiliate links for cars that generate revenue. More.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.