Rivian wants to raise up to $8 billion in its hotly anticipated 4th-quarter IPO, report says
Rivian
- Rivian is looking to raise as much as $8 billion in its upcoming IPO, CNBC reported.
- The electric truck maker is backed by big names including Amazon and Ford.
- The company has a lineup of electric SUVs and pickups, and has partnered with Amazon for electric delivery vans.
- See more stories on Insider's business page.
Electric truck maker Rivian is gearing up to go public in the fourth quarter and is looking to raise as much as $8 billion in its IPO, Reuters reported on Wednesday.
The company, which is backed by Amazon and has garnered additional investment from Ford and T. Rowe Price, filed documents last month indicating its intent to go public. A raise of $8 billion would make Rivian's the fourth largest IPO of the last 10 years, according to Reuters, just behind Uber's public debut in 2019.
The company's EV lineup include an electric SUV and an electric pickup truck, with plans to begin fulfilling pre-order deliveries later this year. It has also partnered with Amazon to manufacture electric delivery vans for the online retail giant.
Rivian has raised $10 billion since 2019, making it one of the most well-funded startups. Its IPO would allow it to expand operations, with plans to add additional manufacturing capacity beyond its current factor located in Normal, Illinois, Reuters said.