Electric-vehicle maker Rivian said Friday that it has confidentially filed for an initial public offering, with size and price range to be determined.
Rivian has two electric vehicles in its pipeline, the R1T, expected to have a battery range of more than 300 miles, and the R1S, an SUV with similar range. The company has said it expects vehicle sales to start this fall.
The EV maker has a plant in Illinois, and has raised $10.5 billion since 2019 after several investment rounds, with the latest a $2.5 billion funding round in July, led by Amazon.com’s
Climate Pledge Fund, Ford Motor Co.
and T. Rowe Price
funds, among others.
The IPO is expected to take place after the SEC completes its review process, subject to market and other conditions, the company said in its brief press release.
Rivian was one of the recipients of Amazon.com Inc.’s
$2 billion Climate Pledge Fund in September 2020. Amazon has taken a stake in Rivian and plans to use Rivian’s EVs in its delivery network.
In September 2019, Rivian said it was developing custom electric delivery vans for Amazon and that 100,000 of these vans had been ordered, with deliveries starting this year.