Rivian has raised almost $8 billion in the last two years hence doesn’t need to a SPAC for IPO
Electric Truck maker Rivian which has raised funding from the likes of Amazon, Ford and Cox Automotive amongst others is aiming for an IPO valuing at $50 billion.
Many EV makers have opted for the SPAC route for an IPO with the likes of Fisker, Faraday Future, Lion Electric amongst the many who have looked at such deals. Even Lucid Air is looking at a similar arrangement.
Rivian, however, isn’t looking at a SPAC. It has raised more than $7 billion already in the last two years alone from some of the biggest players in the game.
Now Bloomberg reports, that it is eying a valuation of $50 billion. “Rivian Automotive Inc., the electric-vehicle startup backed by Amazon.com Inc. and Ford Motor Co., is looking to go public as soon as September at a valuation of about $50 billion and perhaps more, according to people familiar with the matter,” the report said.
Rivian is aiming to be delivering its first vehicles in June which could get it even more liquidity before it goes public.