Rivian, the EV maker, eyeing a $70Bn valuation post IPO

Rivian, the electric-truck startup which is backed by Jeff Bezos-led Amazon Inc., could be eyeing a valuation of as high as $70 billion, through  initial public offering (IPO) slated to take place later this year.

Funded by Amazon, Ford, and T. Rowe Price

As of a few months ago, in January, the company, which is also supported by Ford and T. Rowe Price, sat at an estimated valuation of around $27.6 billion, after the latter invested a sum worth $2.65 billion during a financial round.

Goldman Sachs Group Inc., Morgan Stanley, and JPMorgan Chase & Co. are some of the prime consultants that have joined hands with electric vehicle-maker Rivian, ahead of the upcoming IPO. Only 3 months ago, in February, the company had hoped to get a valuation of $50 billion through the offering, and those hopes have now increased to $70 billion.

Developing 100,000 Electric Vehicles for Amazon

Amazon has invested in the startup through a contract, wherein Rivian is developing 100,000 electric pickup trucks for the online retail brand at a factory in Illinois. Amazon had also invested a hefty sum of $700 million in the firm back in 2019, backing its dreams of becoming a worthy rival of Elon Musk-led EV developer Tesla, which is the world leader in e market as of now.

Amazon backs Rivian
Image Credits: Wikipedia

Car maker Ford too, had invested in the company back in April 2019, a fund of half a billion dollars under a deal to work towards developing electric vehicles.

Rivian, the startup involved in developing electric vehicles and trucks, was founded in 2009 by RJ Scaringe (who now serves as the CEO of the company), and has its factories in a number of cities across the United States, as well as a few in the United Kingdom. Its headquarters are located in Irvine, California. It is also backed by other investors, including Soros Fund Management LLC, and Fidelity Management and Research Company.

RJ Scaringe
Image Credits: Forbes