- Rivian Automotive declared a secret initial public offering (IPO) filing on Friday.
- The business concluded a $2.5 billion fundraising round spearheaded by Amazon, Ford Motor, and T. Rowe Price last month. Rivian has reached around $10.5 billion since 2019.
- Amazon committed to buying 100,000 Rivian electric vehicles in September 2019.
Rivian Automotive, an Amazon-backed electric vehicle startup, revealed Friday that it has completed a secret draft registration form for an initial public offering.
The volume and budget range of the IPO have yet to be established, according to the company’s press statement. Rivian didn’t initially reply to a request for comment from CNBC.
The announcement comes months after Bloomberg reported that the firm had chosen Goldman Sachs, JPMorgan, and Morgan Stanley as underwriters for its IPO, which could fetch up to $70 billion.
In previous months, the electric vehicle manufacturer is said to have been expanding manufacturing across the country. Last month, news sites claimed that the firm was building a second electric vehicle manufacturing factory. The company’s current US facility is in Normal, Illinois.
Last month, the business also concluded a $2.5 billion fundraising round sponsored by Amazon, Ford Motor, and T. Rowe Price. Rivian has raised over $10.5 billion since its inception in 2019.
Amazon committed to acquire 100,000 Rivian electric vehicles in September 2019. Earlier this year, the firm started testing electric delivery trucks in San Francisco and Los Angeles.
Amazon’s stock was unchanged in early trade, while Ford’s stock was up more than 2%.