Electric vehicle maker Rivian has filed for an Initial Public Offering on the NASDAQ exchange.
The S-1 filed to the Securities and Exchange Commission last Friday revealed details about the company’s finances and its investors.
Since 2019 Rivian has received over $10 billion in investments from its backers including T Rowe Price, Ford and BlackRock.
It has also secured an order from Amazon for around 100,000 delivery vans.
No actual valuation of the company has yet been given, but speculation among the financial media is suggesting a figure of $80 billion.
Such a valuation would be welcomed by Rivian’s existing backers, but as Reuters columnist Antony Currie suggests in this video an $80 billion figure might be hard to justify.
Rivian has so far not sold a single vehicle, and assuming it trades at a similar multiple of revenue as Lucid, the company will need to be producing around 400,000 vehicles a year by 2025. Its current factory only has the capacity to produce 300,000 per year.
As it gears up for production Rivian’s losses have also been growing rapidly, moving up from $1.02 billion in 2020, to $994 million in just the first half of 2020.
In the S-1 filing Rivian revealed that alongside the 100K delivery van order from Amazon, it also has pre-orders for 48,000 of its R1T pickup truck and its R1S SUV. The R1T has a starting price of $67,500, and the R1S $70,000.
Production and deliveries of the R1T have just begun, and the R1S is scheduled to begin delivery in January 2022.