Rivian Seeks $60 Billion Valuation in IPO

Amazon backed Rivian’s first product, the 2022 R1T full-size pickup, is now in production and initial from the public (IPO) is just positive.

According to a filing Monday with the Securities and Exchange Commission, Rivian is seeking a valuation of about $60 billion in its forthcoming initial public offering.

Rivian said it plans to sell 135 million shares for $57-$62 each, reaching that value at the top of the range based on the outstanding shares listed in its filing.

Bloomberg News reported that accounting for employee stock options and restricted stock units, the company’s true value would be estimated to $60 billion. That compares with a valuation of $27.6 billion after a $2.65 billion funding round in January.

Rivian is planning to offer 135 million shares of common stock priced between $57 and $62 per share. The company will have 994 million total shares outstanding after the IPO, which would value it at nearly $62 billion at the top end of the pricing range.

The stock is expected to begin trading on the Nasdaq under the ticker symbol RIVN this month, according to the SEC filing.

The company’s efforts to raise additional funds by launching an initial public offering, the prospectus for which was filed in October and amended on Monday. The IPO is expected to be completed by the end of November, after which Rivian will list on the Nasdaq Global Select Market index under the ticker symbol RIVN.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. And more than 20 banks are listed on the cover page of its prospectus. 

Amazon disclosed in an SEC filing last week it owned about a 20% equity stake in Rivian as of Sept. 30. And reports say Ford holds roughly a 12% stake. That would be almost a third in total.

Rivian founded in 2009, it can boost of 3,136 employees working at its Illinois production facility, a converted Mitsubishi plant in Normal, thats a college town about 130 miles south of Chicago. The company, which is headquartered in Irvine, California, has about 9,000 employees overall.

According to the IPO filing, the plant can produce up to 150,000 vehicles annually, with expansion plans enabling it to ramp up to 200,000 vehicles by 2023.

Rivian builds first customer example of R1T - September 2021
Rivian first built example.