Amazon (AMZN) backed EV company Rivian to go public via IPO

Amazon (AMZN) backed electric vehicle company Rivian is expected to go public via IPO later this year at a valuation of around $50 billion to $70 billion, the company has already chose its underwriters such as Morgan Stanley (MS), J.P. Morgan (JPM), and Goldman Sachs (GS).

In January, the company was worth around $27 billion when it raised captial from T Rowe Price, Group, Amazon, and Fidelity Investments. A $70 billion valuation would make Rivian’s IPO one of the largest of the year and perhaps the most significant EV listing since Tesla went public in 2010.

Other companies to have recently gone public including Li Auto, Xpeng, Lucid, Lordstown Motors, Nikola Motors, and Fisker.

Whereas most other EV startups only have plans to build vehicles for consumers, Rivian is different as it has also locked in an order from Amazon for 100,000 electric delivery vans. Deliveries of these vans will start next year but on-road testing has already started.