Rivian may go public with US$80b valuation

Rivian Automotive has filed for an initial public offering (IPO) and is seeking about a US$80 billion valuation as it gears up for production of its R1T ute, according to various reports.

The R1T ute (or pickup truck), R1S SUV and a Rivian van were seen in New Zealand earlier this year, apparently for winter testing, while Rivian is also reportedly seeking a second factory location and is planning to trademark six EV names.

The California-based start-up says it submitted its S-1 registration to the Securities and Exchange Commission (SEC), Bloomberg says, TechCrunch also adding the price and size range of the confidential filing have yet to be determined.

The IPO is expected to come after the SEC completes its review process, subject to market and other conditions, Bloomberg expecting that to be around the November 25 Thanksgiving holiday.

Rivian is reported to have already raised US$10.5 billion from backers, including Ford and Amazon, and expects to start delivering its R1T ute with an estimated 640km range in September.

Amazon has ordered 10,000 Rivian electric vans.