Rivian plans to make it rain on investors with an $8.4 billion IPO

Updated: Nov 6

Rivian, the hotter than hot electric vehicle startup that’s almost managing to steal buzz from Tesla, has set an initial price for its public offering — hoping to raise $8.4 billion when it lists on the stock exchange.

The price would give the electric pickup and SUV manufacturer a valuation approaching $55 billion.


The company said it would be selling 135 million shares at between $57 and $62 when it lists on the Nasdaq stock market.


The initial public offering, according to its amended prospectus filed Monday.


At the high-end Rivian could debut and raise as much as $9.6 billion, according to CNBC.


No matter the price, it’s a win for company investors including Ford Motor Co. and Amazon — since both companies invested significant amounts in Rivian before its public offering.


Amazon, which invested a heap ton into Rivian when it was private, plans to invest more in the company at the time of its public offering. Along with the financial management firm T. Rowe Price, the beast of Bezos plans to invest another $5 billion at the public offering (according to the financial filing from Rivian).


At the offering price, Rivian would be the most highly valued entrant among the crop of new electric vehicle startups that includes Fisker, Lordstown Motors, Canoo, and others.


The valuation also puts Rivian in the company of its traditional auto competitors including Stellantis, Ford, and GM.


Amazon stands to make about $3.8 billion off of its equity investment in Rivian and Ford, the old standard bearer for the automotive industry also will reap a windfall from its 12% stake in the company.


Rivian just made the first deliveries for its electric truck and sport utility vehicle and has another commercial last-mile delivery van in the works for Amazon. The company expects to ship 10,000 vans by next year and 100,000 by 2030.


Rivian plans to ship about 10,000 pickup trucks — its first vehicle to make it to market — by the end of the year, according to the prospectus filed with the Securities and Exchange Commission.

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