Electric vehicle upstart Rivian has filed for an initial public offering that would value the company between $70-80 billion.
The company is currently pursuing two segments, electric delivery vans for companies like Amazon, and an electric pickup and SUV aimed at adventure seekers.
While Amazon currently has Rivian vans in operation, the consumer vehicles have yet to be delivered. Rivian says the first production versions of the R1T pickup will be delivered next month.
Rivian has raised a whopping $10.5 billion since 2019 from strategics including Amazon and Ford. Other investors include Soros Fund Management and BlackRock.
Tesla Chief Executive Elon Musk took a jab at the company following the filing. Replying to a tweet about the filing, Musk replied, “Don’t want to be unreasonable, but maybe they should be required to deliver at least one vehicle per billion dollars of valuation before the IPO?”
More info on Rivian’s finances and timeframe for IPO are expected in coming weeks.