Rivian Automotive, the best-funded electric vehicle startup in U.S. history, filed for an initial public offering and revealed that it has nearly 150,000 initial orders for its battery-powered pickups, SUVs and delivery trucks and that Amazon and Ford own stakes of 5% or more.
The potential Tesla challenger, based in Irvine, California, filed an S-1 statement with the Securities and Exchange Commission late Friday—a follow-up to its announcement of a confidential IPO filing in late August. The company disclosed preorders for 48,390 R1T pickups and R1S SUVs from customers in the U.S. and Canada, each requiring a $1,000 deposit. Additionally, it has orders for 100,000 delivery vans from investor Amazon to be delivered through 2025.
Rivian’s key shareholders when it begins trading include Amazon, Ford, T. Rowe Price, Global Oryx Co. and Manheim Investments, according to the filing. Additionally, four of its nine board members will be women, including CFO Claire McDonough, Peloton director Karen Boone, former Credit Suisse executive Pamela Thomas-Graham and former Patagonia CEO Rose Marcario. Rivian is valued at about $80 billion by PitchBook.
The company just began production at its Normal, Illinois, plant last month and follows rival startups Lucid and Fisker Inc. that are each targeting a big share of a growing market for electric vehicles. Founded by Massachusetts Institute of Technology PhD RJ Scaringe, Rivian arrives with both an audacious level of funding—more than $10 billion—and significant support from the auto industry including Ford and investor Cox Automotive.