Rivian is expected to begin trading under the ticker RIVN on the NASDAQ exchange tomorrow morning. Ahead of its debut, the automaker has reportedly upped its price target to above its previously marketed range.
Just last week Rivian was aiming for a valuation of as much as $65 billion by selling shares in the range of between $72 and $74.
Now according to a report by Bloomberg, Rivian is guiding potential investors that the initial public offering (IPO) will likely be above that range.
The company is also planning to offer 153 million shares, up from 135 million last week. This would raise more than $10 billion and give it a valuation of more than $70 billion.
Their valuation has soared from earlier this year when it was valued at around $25 billion after a funding round in January.
Rivian recently announced plans to begin selling their electric delivery vans to customers other than Amazon as soon as next year. The company also plans to use them as mobile service vans for Rivian Care.
Rivian plans the largest expansion so far at their Normal manufacturing facility