EV startup Rivian to go public, seeking valuation of $100 billion

Rivian, which is poised to commence deliveries of its R1T electric utility and R1S electric SUV in September, has filed an intention to go public with a valuation that would make it the fifth-largest publicly listed automaker in the world.

Firming up news in June that the company had secured underwriters ahead of a possible IPO, the company announced on Friday (US time) that it had filed an S-1 form with the Securities and Exchange Commission (SEC).

Timing of the IPO will be dependent on the SEC, but is likely to occur in late November, Bloomberg reports. It said that people familiar with the matter told the news agency the EV maker is seeking an approximate $US80 billion ($A104 billion) valuation.

The company’s announcement said that the “size and price range for the proposed offering have yet to be determined.”

However, if Rivian is successful in its IPO with a $US80 billion valuation, it would make it the fifth-largest automaker by market capitalisation after Tesla ($US713bn), Toyota ($US242bn), Volkswagen ($US147bn), and BYD ($US116bn).

It would also make it most valuable initial offering of an electric vehicle “startup” (as opposed to legacy carmakers) to date.

While the past twelve months have seen numerous startups go public, the most valuable of these is currently Nio, a Chinese startup that has a unique battery-swap offering and is currently valued at $US62.35 billion.

The next most valuable publicly listed EV startups are China’s Xpeng ($US35.62bn), which builds the G3 and P7 electric sedans which are billed as “super smart” EVs with “internet DNA”, and the Saudi-backed Lucid Motors headed by ex-Tesla engineer Peter Rawlinson ($US34.04bn).

Rivian already has around $US10.5 billion in funding under its belt from the likes of Amazon, Ford, T.Rowe Price and Cox Automotive.

Its R1T utility and R1S SUV are expected to make a notable entry to the electric vehicle market, and the company is reportedly exploring expansion into right-hand-drive markets with a UK factory and headquarters.

A recent note from the company to a potential Australian customer indicated an entry to the local market would occur after a European expansion, and two vehicles have already arrived in Australia although for what purpose exactly is unclear.

Rivian’s international communications team told The Driven by email that it is not yet ready to make an official statement regarding an Australian launch.