Rivian Automotive Inc. founder and chief executive officer RJ Scaringe unveils the R1T pickup truck and R1S sports utility vehicle (SUV), during an AutoMobility LA reveal event ahead of the Los Angeles Auto Show.
Rivian is supported by Amazon and Ford. It plans to go public as early as next week according to sources. According to Rivian’s IPO prospectus, filed last month, it plans to list on Nasdaq under ticker symbol “RIVN”.
According to an updated securities filing, Rivian plans to offer 135,000,000 shares priced between $72 to $74, up from $57 and $62, according to a revised securities filing. Rivian's current value would exceed $65 billion if it were to be purchased by 20.25 millions additional shares (assuming that underwriters exercise their option).
Rivian's high valuation means Rivian is slightly less valuable than Ford and GM, which each hold a greater than 5% stake in Rivian. According to the company's filings, it expects to only generate $1 million revenue in the third quarter ending Sept. 30. The company has not recorded any revenue. In the first six months, it lost $994 million.
Rivian would be the most prominent among the growing number of electric vehicle start ups and newly public companies in the U.S., such as Fisker Motors, Lordstown Motors, and Lucid. It would also place it on par with Chinese electric car maker Nio.
Rivian is currently developing last-mile Amazon commercial delivery vans and has just begun production of its highly anticipated electric pickup, R1T. Rivian disclosed last week in amended securities filing that it intends to deliver 1,000 R1Ts before the end of this year.
Rivian's former female executive revealed Thursday in a lawsuit against the company about gender discrimination. She said she had concerns about Rivian's ability to fulfill its promises to investors to the top executives. Laura Schwab, a former female executive at Rivian, stated that these concerns were ignored along with complaints about women employees being excluded from critical meetings and marginalized.
Rivian spokeswoman previously declined to comment about Schwab's lawsuit.
