The day has finally come. All-electric truck and SUV automaker Rivian has announced in a press release the filing of confidential paperwork with the Securities and Exchange Commission (SEC) for an initial public offering. This is a traditional IPO rather than the SPAC trend we've been seeing lately. For now, details remain under wraps but Bloomberg suggests the valuation could be worth $80 billion. Last spring, this figure was pegged at around $70 billion.
What's incredible is that this latest valuation would make Rivian worth more than Ford and GM. And remember, Ford, along with Amazon, is one of Rivian's main financial backers. Rivian was founded in 2009 and since 2019 has raised an impressive $10.5 billion. Deliveries of the Rivian R1T and R1S are due to get underway shortly following a few delays.
The company is also developing all-electric delivery vans for Amazon and those too are expected to hit the road in the near future. The online retail giant has placed an order for 100,000 vans so far. Unlike rival Tesla, Rivian aims to appeal to outdoor enthusiasts with not just the vehicles but also accessories and the Rivian Adventure Network, a $2.65 billion investment that will consist of 3,500 fast chargers at over 600 sites located across North America in major outdoor spots such as trailheads, mountain biking routes, and rock climbing crags.
Each charger should provide up to 140 miles of range in only 20 minutes. It's unknown at this time whether the network will be opened to non-Rivian owners.
Rivian's chief truck rivals, for now, appear to come from legacy automakers. First-year production of the Ford F-150 Lightning has recently been doubled to meet demand and Chevrolet is busy developing an all-electric Silverado that's expected to share a platform and other general underpinnings with the GMC Hummer EV.
Rivian will build its vehicles in Normal, Illinois but a recent report claimed it's also looking into building a new factory in Texas. Rivian did not say when the IPO will officially take place, but it seems things are moving pretty fast. Don't be surprised to see it go public by the end of the year.