Rivian is set to launch its initial public offering next week with a proposed valuation of just over $60 billion, according to a new report.
Rivian will disclose its target valuation in an updated regulatory filing later today, according to The Wall Street Journal. Rivian will begin pitching introductory shares to investors sometime tomorrow, with the automaker beginning trading on the Nasdaq Stock Market next week under its symbol, RIVN.
Rivian confidentially filed for its IPO in late September, where it was aiming for an initial valuation of at least $80 billion. This would have put it above General Motors as the sixth-most valuable automaker globally. However, the company also sought out a $70 billion IPO in May.
Initial projections in September seemed to indicate that Rivian would be looking toward an IPO sometime around November, but closer to the Thanksgiving holiday.
Rivian is backed by numerous high-profile and high-valuation companies, including Amazon, who was revealed to have a 20% stake in the automaker after a 10-Q document from the e-commerce giant detailed exactly how much of the automaker Amazon owned. “As of December 31, 2020 and September 30, 2021, equity investments not accounted for under the equity-method and without readily determinable fair values, including preferred stock of Rivian Automotive, Inc. representing an approximately 20% ownership interest, had a carrying value of $2.7 billion and $3.8 billion, and are recorded within “Other assets” on our consolidated balance sheets with adjustments recognized in “Other income (expense), net” on our consolidated statements of operations,” Amazon wrote in the 10-Q filing.
Additionally, companies like Ford and Cox Automotive have also contributed to several of the company’s investment rounds. The company has raised over $10.5 billion from investors since welcoming private investments in 2019.