Amazon-Backed EV Maker Rivian Confirms Confidential IPO Filing - Amazon.com (NASDAQ:AMZN)

The long-speculated initial public offering by Amazon, Inc. AMZN-backed EV startup Rivian is a go.

What Happened: Rivian confirmed Friday it has confidentially filed for an IPO and said the offering will likely take place after the SEC completes its review process, subject to market and other conditions.

Earlier, a Bloomberg report said Rivian expects to list its shares around Thanksgiving and is aiming for a valuation of around $80 billion.

If the IPO goes according to plan, Rivian could well be on its way to become the sixth most-valued automaker after Tesla, Inc. TSLA, Toyota Motor Corporation TM, Volkswagen AG VWAGY, BYD Company Limited BYDDF and Daimler AG DDAIF.

The proposed valuation is higher than that of legacy automakers such as General Motors Corp GM, Ford Motor Co. F and Stellantis N.V. STLA as well as the Chinese EV startup Nio, Inc. NIO.

Incidentally, Ford is among the early investors in Rivian.

The rich valuation has raised eyebrows, given Rivian hasn't yet commercially sold any vehicle.

Rivian, founded in 2019, has so far raised $10.5 billion in 14 private funding rounds, according to Tracxn.com.

Most recently, in late July, Rivian raised $2.5 billion in a Series E funding round.

Why It's Important: Rivian is developing two EVs: the R1T pickup truck named R1T and R1S SUV.The company is planning to deliver its R1T pickup truck in September, potentially becoming the first to market.

Lordstown Motors Corp. RIDE is planning to begin limited production of a rival product, the Endurance, next month. Tesla, Inc. TSLA's Cybertruck and Ford's electric F-150 are not expected until next year.

Rivian, which has a manufacturing plant in Normal, Illinois, is looking to set up a second plant, likely in Texas.

Photo: the Rivian R1T. Courtesy of the company.

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