Electric vehicle maker Rivian Automotive Inc. is seeking a valuation of around $60 billion in its upcoming initial public offering.
The company, which filed initial documents for its IPO last month, plans to disclose more details in an updated regulatory filing later Monday, The Wall Street Journal reported, citing unnamed sources familiar with the matter.
Rivian plans to go public as soon as next week and the valuation could shift by then, sources also told CNBC.
Rivian plans to launch a roadshow Tuesday to pitch its IPO to potential investors.
Rivian is based in Irvine, California, with its manufacturing plant in Normal, Illinois.
Amazon.com Inc. (Nasdaq: AMZN) disclosed in a securities filing last week that it has a 20% ownership stake in Rivian, which, combined with other equity investments, had a carrying value of up to $3.8 billion, CNBC reported. Amazon has invested more than $1.3 billion in Rivian to date.
In its IPO filing last month, Rivian said Amazon has some exclusive rights to Rivian’s electric delivery vehicles for at least four years and the right of first refusal after that. Amazon has ordered 100,000 vehicles by 2030 and plans to have 10,000 new electric delivery vehicles from Rivian on the road by 2022.
Ford Motor Co. (NYSE: F) also has a 12% stake in Rivian, according to CNBC.
