Rivian, an electric vehicle startup backed by Amazon and Ford, said Friday that it has filed confidential paperwork with the Securities and Exchange Commission for an initial public offering.
Bloomberg, which first reported the news, said Rivian is seeking a valuation of roughly $80 billion, and eyeing an IPO around Thanksgiving. CNN Business has not independently confirmed the report. Rivian said in a statement that the size and price range of the proposed offering have yet to be determined. A valuation of $80 billion would make Rivian worth more than Ford and GM, each. The company was founded in 2009 and has raised $10.5 billion since 2019 amid increased interest in electric vehicles.
