With the first deliveries of the R1T electric truck and R1S electric SUV scheduled to begin later this year, Rivian Automotive Inc. is seeing its valuation skyrocket as it seeks more investors.
After securing more than $5 billion over the last two years to fund its expansion, the start-up electric car maker is close to raising several more billion in funding, reports Bloomberg.
According to sources familiar with the ongoing negotiations who did not want to be identified, this latest funding round would value Rivian at around $25 billion. When reached for comment, Rivian neither confirmed nor denied the report.
“We are focused on delivering the R1T, R1S, and Amazon delivery vehicles in 2021. We often speak to investors, and we have no announcement to make at this time,” a Rivian spokesperson said.
Several existing investors are reportedly participating in this latest round. Last year Rivian secured $2.5 billion in funding from a group of companies, including the likes of T. Rowe Price, Soros Fund Management, Coatue Management, Fidelity Management and Research Company, and Baron Capital Group.