We've had a week filled with plenty of good news for the EV industry, though arguably the most important story is the delivery of the first Rivian R1T. The R1T is Rivian's all-electric pickup truck, the first of its type of vehicle to come to market in the US.
Now that Rivian has proven it can reach production and deliver vehicles, it's time to shift talk back to the startup automaker's financial plans. Rivian has enjoyed extremely successful fundraising along the way, with investments from the likes of Amazon and Ford, which is part of the reason it has been able to bring its R1T to market successfully.
As we previously reported, the electric automaker is planning an IPO and seeking a valuation of some $80 billion. The company has already registered for its upcoming stock market splash, which we can expect at the end of October or early November of 2021.
According to a recent report from Automotive News, Rivian hopes to raise $5 to $8 billion as the offering unfolds. If Rivian can achieve the full $8 billion, it will prove to be one of the largest IPOs "of the past decade." The publication says this information all comes from sources familiar with the situation. Automotive News writes:
"If Rivian raises $8 billion in the IPO, that would rank as the fourth biggest of the past decade in the United States. Only three other companies have raised more than $8 billion in IPOs since 2011, according to Dealogic: Alibaba, which raised a world-record $25 billion in 2014; Facebook, which raised $16 billion in 2012; and Uber, which raised $8.1 billion in 2019."
Rivian plans to use the funds to expand its current factory in Normal, IL. In addition, the automaker is already looking at various locations for an additional US factory. Rivian has also made it clear that it hopes to eventually expand to areas outside the US. The company has yet to disclose its IPO plans, though Automotive News says it's expected to reveal financial information in the near future.