According to people familiar with the matter, Amazon.Com IncRivian, a backed electric car start-up, is preparing to go public in the fourth quarter and hopes to raise up to $8 billion through the IPO.
Rivian secretly submitted its IPO application last month. If it raised $8 billion, it would be the fourth largest IPO in the United States in a decade.
Since 2019, Rivian has raised $10 billion, making it one of the most funded start-ups in the United States. The company's IPO will enable it to expand its business by adding additional production capacity to its plant in Normal, Illinois.
A day earlier, Rivian's first R1T electric pickup truck was pulled off the production line at a factory in Normal, Illinois, marking the company's first launch of the electric pickup truck in the world, ahead of Tesla, Inc.., GM and other competitors.