Electric truck-maker Rivian, which will be manufacturing its trucks in Normal, Illinois, has filed the paperwork to become a public company.
Irvine, California-based Rivian said it submitted a draft registration statement to the Securities and Exchange Commission relating to the proposed public offering of its common stock.
The size and price range for the proposed offering have yet to be determined, but Bloomberg reported Friday that Rivian is seeking a valuation of about $80 billion and the IPO could happen around Thanksgiving.
Rivian is backed by giants including Amazon.com, which invested $700 million in the company in 2019, and Ford, which invested $500 million in Rivian in 2019. In January, Rivian raised $2.65 billion in a funding round led by T. Rowe Price.
Rivian will be building its trucks at a former Mitsubishi plant in Normal, which it purchased in 2017 for $16 million. In March, Rivian announced that it would expand its Normal facility, adding millions of square feet to its manufacturing operations.
The company announced in February that it will open a showroom at 932 W. Randolph St. in Fulton Market; one of 10 such showrooms in that it said it plans to open around the country.
The company also has development centers in Plymouth, Michigan; San Jose, California; Irvine, California; and Surrey, England. Rivian has two launch products — the R1T truck and the R1S sport utility vehicle — and the company says both will deliver up to 400 miles of range from an electric charge.
