Rivian, the Amazon.com-backed electric vehicle maker that registered last month for a stock market debut, is aiming to raise between $5 billion and $8 billion.
among its investors, registered the IPO confidentially with U.S. regulators last month. It is seeking a valuation of about $80 billion in the listing, which is expected to land in late October or November, the sources said.If Rivian raises $8 billion in the IPO, that would rank as the fourth biggest of the past decade in the United States.
Rivian has not provided details on its IPO plans, but it is expected to reveal its finances for the first time in a public filing in the coming weeks. While Rivian has been dubbed as the "Tesla killer" in some quarters, it is still tiny compared with Tesla Inc, which boasts of a market cap of nearly $740 billion and plans to build a pickup truck that would compete with Rivian's own version, the R1T.
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