Rivian IPO Filing: Electric Vehicle Company Goes Public

Rivian Files for Initial Public Offering

Rivian, the electric vehicle manufacturer supported by significant investment from entities like Ford and Amazon, has submitted a confidential filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission.

IPO Details Remain Undisclosed

Currently, the specifics regarding the offering’s size and anticipated price range are still to be determined. The IPO is projected to proceed following the SEC’s review, contingent upon prevailing market conditions and other relevant factors, as stated in a concise company announcement.

Recent Funding Success

This confidential filing follows closely on the heels of Rivian’s announcement in July 2021 regarding the successful completion of a $2.5 billion private funding round.

Key investors in that round included Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor, and investment portfolios managed by T. Rowe Price Associates Inc.

Investor Participation

Additional participation in the funding round came from Third Point, Fidelity Management and Research Company, Dragoneer Investment Group, and Coatue.

Valuation Information

At the time of the July 2021 announcement, the company refrained from disclosing its post-money valuation.

Production and Workforce Growth

With a current workforce of 7,000 employees, Rivian is on track to begin deliveries of its R1T pickup truck in September. The manufacturing of both the R1T and a corresponding SUV necessitates substantial capital, which the company has consistently secured.

Total Funding Raised

To date, Rivian has successfully raised approximately $10.5 billion in funding.

Earlier Funding Round

In January, the company secured $2.65 billion from existing investors, including T. Rowe Price Associates Inc., Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners.

New investors also contributed to this round, elevating Rivian’s valuation to $27.6 billion, according to a source who shared information with TechCrunch.