In updated securities filings dated Friday, Rivian increased the price range for the 135 million shares it will be offering during its IPO from $57-62 USD to $72-74 USD — reports CNBC.
Taking the new price range into account, and assuming underwriters exercise their option to purchase an additional 20.25 million shares, the electric vehicle (EV) startup could be worth over $65 billion USD when it goes public.
That’s getting pretty close to the market caps of veteran automakers like General Motors and Ford, the latter of which actually holds a 5%+ stake in Rivian. Back in July, Rivian closed a $2.5 billion USD funding round that was led by Ford and eCommerce giant Amazon, which owns 20% of the EV manufacturer.
In comparison, the company would have achieved a valuation of around $54.6 billion at the original IPO share prices of up to $62. While Rivian was already superseding February reports of a planned $50 billion IPO valuation, the new price range puts it closer to speculations of a $70 billion market cap from May.
The company has never recorded any material revenue, and expects at most to post $1 million in revenue for the quarter ended September 30. According to Rivian’s filings, the EV maker lost $994 million in the first six months of the year.
Rivian has been contracted by Amazon to produce all-electric last-mile delivery vehicles for the eCommerce titan, and more recently started production on its highly anticipated electric pickup truck, the R1T, with first deliveries being dispatched late October.
In an amended securities filing from last week, Rivian said it is currently looking at 1,000 R1T deliveries by the end of the year. The EV manufacturer has another U.S. factory in the works to scale production and keep up with demand, and according to the IPO prospectus it filed last month, Rivian also plans on manufacturing battery cells in-house.
Rivian wants to go public as early as next week, sources told CNBC. According to its IPO prospectus, the company will trade on the Nasdaq under the ticker symbol ‘RIVN’.
