Rivian Ready to Go Public Valued at $53 Billion

Rivian Automotive Inc., the electric truck maker backed by Amazon.com Inc., plans to raise as much as $8.4 billion in an initial public offering that could give it a value of as much as $53 billion. Ed Ludlow reports on “Bloomberg The Open.”
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This is unreal at Kathleen Hays a company that only started
delivering in August. I believe the number and you can give me

the number is still very very low and it is said to have a
market cap of 60 billion. Seriously.

Yeah. This is a company that’s literally built a couple of
hundred units of its debut Eevee. They’re seeking a market cap

of around 53 billion dollars. If you take into consideration the
IRS using options around 60 billion. We reported in August when

they filed for IPO that they were targeting a valuation 80
billion dollars 8 0. So there’s been some natural settling of

that valuation. But there’s demand that you have names like you
know Blackstone. You have names like Franklin Templeton

committed to buy five billion dollar blocks of the IPO shares at
that valuation. You can see where revision sets vs. the world of

existing publicly traded automakers. Right. This is astonishing.
But they’ve built a big reputation. They raised ten point five

billion dollars before filings go public from big names you know
from from some of the biggest names on Wall Street essentially.

And they’ve got the backing of Amazon and Jeff Bezos which is
worth its weight in gold. You see that each round it’s raised

the new and higher valuation a sign that’s the share price for
each of the private rounds. And you know yes right now they are

doing modest production. We reported that actually they’re
suffering from supply chain and prioritizing a battery electric

delivery delivery van from Amazon. But as I’ve reported John
this is a very prudent company. They’ve taken their time.

They’ve hired a lot of key talent from Tesla from JP Morgan for
their CFO. And by all accounts what I’m hearing is they’re

ready.