Rivian seeking $70 billion valuation in IPO: Report

Rivian R1T
Image via Rivian

In February this year it was reported Rivian was seeking to go public with an IPO valuation of more than $50 billion. Now just three months later than number has grown by 40%.

Bloomberg is now reporting Rivian could target a valuation of about $70 billion for its potential public listing later this year.

According to sources familiar with the matter, Rivian is working with Goldman Sachs, JPMorgan Chase & CO, and Morgan Stanley on the IPO.

Rivian announced this week it has delayed deliveries of their first vehicle, the R1T electric pickup truck. Originally slated for a June release, deliveries of the Launch Edition R1T will now begin in July, and should be completed by spring 2022.

Canada is still on track for the first deliveries to occur in November.

Source: Reuters