Rivian announced today that it has filed its S1 with the Securities and Exchange Commission for an IPO filing this November, according to Automotive News. The news comes amid delays and setbacks as the company has yet to deliver a single vehicle, though our own David Tracy is scheduled to drive the R1T next month.
Sources within the company spoke with Automotive News and said the company is aiming for a November 25th IPO although the date is up to the SEC. If the company does receive its $80 billion valuation, it would be one of the biggest IPOs so far this year.
Should Rivian go public at an $80 billion market capitalization, it would be one of the biggest debuts on that basis this year. With $10.5 billion raised from backers including Amazon and Ford Motor Co., an established factory in Illinois and thousands of reservation holders for its R1T truck and R1S SUV, Rivian is among the most serious competitors lining up to take on electric-vehicle leader Tesla Inc.
The IPO may come as a surprise to some as deliveries of its R1T and R1S have been delayed four times. Initially, Launch Edition vehicles were supposed to arrive late last year. Since then, delivery dates have slipped three more times, with the company saying June, then July, and recently September. The last date change came with a letter and apology from Rivian CEO RJ Scaringe. In it, he blamed the delays on things like the enormity of starting a car company and the industry-wide chip shortage.
Even with $10.5 billion raised from its Amazon and Ford backers, the company has faced setbacks. Some, like the chip shortage, are out of its control. If it can deliver vehicles to customers, it just may earn that $ 80 billion valuation.
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