Rivian, which plans to start deliveries of its R1T electric pickup truck and R1S electric SUV this summer, hasn't finalized its IPO plans, according to the report, which cited anonymous sources familiar with the matter. The IPO could be pushed back to later this year or 2022, and the valuation may change, the sources said, adding that Rivian has been talking to bankers about its plans.
Several other EV startups have gone public recently through "reverse mergers" with special purpose acquisition company (SPAC) shell corporations, whose shares are already listed on stock exchanges. Canoo, Fisker, Lordstown Motors, and Nikola have already done this, while Lucid Motors and Faraday Future are reportedly considering SPAC reverse mergers. Should Rivian launch an IPO, it's unclear if it will be done with a SPAC, or in the conventional manner.
Rivian has already raised more than $8 billion, including $2.65 billion in its most recent funding round, which concluded in January. The startup was valued at $27.6 billion in that funding round, Bloomberg noted. Investors include Ford and Amazon, which also have deals with Rivian for vehicle-development programs.
Amazon has commissioned Rivian to design three vehicles, including an electric delivery van unveiled in October 2020. The online retail giant plans to put 100,000 of the vans in service by 2030, as part of a wider goal of becoming carbon neutral by 2040.
Ford also has a deal to use Rivian's skateboard platform for an unspecified future EV. Rivian was also set to build a Lincoln EV at its Illinois factory, but that project was canceled in April 2020 as the coronavirus pandemic took hold.
Rivian plans to start deliveries of the R1T pickup in June, with the R1S SUV following in August. Initially, both vehicles will be available only in Launch Edition spec, with a base price of $75,000 for the R1T and $77,500 for the R1S. Additional variants will follow, including a long-range version of the R1T capable of driving 400 miles on a full charge, due in January 2022.
The startup also plans to build a network of charging stations that cater to customers' outdoorsy lifestyles, as well as a handful of Tesla-style showrooms in major cities.