Published August 27, 2021 at 11:06 AM CDT
Rivian, the electric automaker that will build its vehicles in Normal, has filed to become a publicly traded company.
In a widely expected move, Rivian said Friday it has filed paperwork with the Securities and Exchange Commission for an initial public offering, or IPO, of its stock. Rivian said the timing of the IPO will depend on the SEC’s review, though Bloomberg reported it could happen around Thanksgiving. The company is reportedly seeking a valuation of $70-80 billion.
The size and price range for the proposed offering have yet to be determined, Rivian said.
Speculation about a Rivian IPO has run rampant all year. The most established EV maker, Tesla, is already a publicly traded company, as are many of the legacy automakers now pivoting to EVs.
Of course, the No. 1 upside of an IPO is the company gets a lot of money. Rivian already has a lot of money. It has privately raised $10.5 billion since the start of 2019. Amazon, Ford, and T. Rowe-managed funds and accounts have been part of multiple financing rounds.
But starting a car company ain’t cheap. Rivian is investing billions of dollars into its Normal plant and is reportedly seeking a location for a second U.S. manufacturing facility. Its also on a hiring spree.
Rivian is starting production this summer in Normal. It’s making electric pickups, SUVs, and Amazon delivery vans. The pandemic and a worldwide chip shortage has contributed to production delays. The first electric pickups (R1Ts) are expected to be delivered in September.
A recent message to customers from Rivian founder and CEO RJ Scaringe stated the company is now waiting on final approvals from the government before making those first deliveries.
The Normal plant has 2,500 employees, making it one of McLean County’s Top 5 employers, trailing only State Farm and Illinois State University.