Photo: Rivian
While Rivian said they initially planned to set the share price for their IPO to somewhere around $72 and $74 - and that marked an uptick from their first projection of from $57 to $62 - the latest news is that the company plans to offer those shares at $78.
Rivian, with significant financial backing from Amazon and Ford, recently delivered the first of their production electric pickups, the R1T. The company says they expect to deliver 10,000 more of the trucks as soon as next year.
The company also says that it fully expects to lose some $1.28 billion this quarter and generate under $1 million in revenue for the same period.
The IPO price, released Tuesday, has been set at $78 a share, according to Reuters and the Wall Street Journal. That share price would set the value of the company at $66.5 billion.
The stock will trade on the Nasdaq under the ticker symbol RIVN.
At that share price offering, the $78 would make Rivian nearly worth as much as Ford - valued at $79 billion - and General Motors ($85 billion). What makes that astonishing is that Rivian has yet to generate any actual revenue.
Experts say Lucid Motors is valued at $72.5 billion despite only recently beginning production.
While Rivian may be operating without revenue, the company says they do have a massive backlog of more than 55,000 pre-orders for the R1T truck and R1S electric vehicles. The R1T has an MSRP of $67,500, and the R1S, an SUV, starts at $70,000.
Rivian says those orders will all be filled by the end of 2023. On top of that news, Amazon just recently ordered 100,000 vehicles from Rivian for delivery in 2030, and 10,000 new Rivian delivery vehicles are set to hit the road sometime next year.
Amazon now owns some 22% of Rivian and has invested more than $1.3 billion into the company thus far. At the latest offering price, that stake would be worth approximately $12.5 billion.
According to Rivian, their factory in Normal, IL, is capable of producing some 150,000 vehicles a year and already employs 6,000 workers.
The company also says that it fully expects to lose some $1.28 billion this quarter and generate under $1 million in revenue for the same period.
The IPO price, released Tuesday, has been set at $78 a share, according to Reuters and the Wall Street Journal. That share price would set the value of the company at $66.5 billion.
The stock will trade on the Nasdaq under the ticker symbol RIVN.
At that share price offering, the $78 would make Rivian nearly worth as much as Ford - valued at $79 billion - and General Motors ($85 billion). What makes that astonishing is that Rivian has yet to generate any actual revenue.
Experts say Lucid Motors is valued at $72.5 billion despite only recently beginning production.
While Rivian may be operating without revenue, the company says they do have a massive backlog of more than 55,000 pre-orders for the R1T truck and R1S electric vehicles. The R1T has an MSRP of $67,500, and the R1S, an SUV, starts at $70,000.
Rivian says those orders will all be filled by the end of 2023. On top of that news, Amazon just recently ordered 100,000 vehicles from Rivian for delivery in 2030, and 10,000 new Rivian delivery vehicles are set to hit the road sometime next year.
Amazon now owns some 22% of Rivian and has invested more than $1.3 billion into the company thus far. At the latest offering price, that stake would be worth approximately $12.5 billion.
According to Rivian, their factory in Normal, IL, is capable of producing some 150,000 vehicles a year and already employs 6,000 workers.
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