Rivian Automotive Inc., the maker of electric pickups backed by Amazon.com Inc., has filed for an initial public offering and is seeking a roughly $80 billion valuation, according to people familiar with the matter.
The Irvine, California-based startup said in a statement Friday that it submitted its S-1 registration to the Securities and Exchange Commission, confirming an earlier report by Bloomberg News.
The company would like to do an IPO around the Nov. 25 Thanksgiving holiday, said the people, who asked not to be identified because the filing was confidential. The timing will depend on approval from the SEC.
Should Rivian go public at an $80 billion market capitalization, it would be one of the biggest debuts on that basis this year.
With $10.5 billion raised from backers including Amazon and Ford Motor Co., an established factory in Illinois and thousands of reservation holders for its R1T truck and R1S sport utility vehicle, Rivian is among the most serious competitors lining up to take on electric-vehicle leader Tesla Inc.
Rivian said in its statement that the size and price range for the proposed offering have not yet been determined.
The company is working on the IPO with advisers including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley, Bloomberg News reported in May.
Amazon shares rose as much as 0.6% shortly after the start of regular trading, while Ford advanced more than 2%.
Rivian’s institutional investors include T. Rowe Price, BlackRock, Soros Fund Management, Fidelity, Coatue and Third Point.
While the company has a who’s-who list of backers, it has yet to delivery any vehicles to retail customers and has encountered multiple setbacks starting production.
The Covid-19 pandemic has brought about supply-chain disruptions and parts shortages that have forced Chief Executive Officer R.J. Scaringe to postpone its model launches several times.
Even so, the company has grand plans. It’s scouting locations for a European manufacturing site, Bloomberg News reported in February, and is in talks with the city of Fort Worth, Texas, about investing at least $5 billion in a second U.S. assembly plant.
The R1T pickup is slated to go into limited production this month and boasts 400 miles of driving range.
The company will build the truck and the R1S, which has been delayed indefinitely, at a former Mitsubishi Motors Corp. plant in Normal, Illinois.
Rivian also has a contract with Amazon to build 100,000 electric delivery vans by the end of the decade, with 10,000 due by the end of next year.
Equity capital markets have seen a slew of big IPOs this year, including Robinhood Markets Inc.
Another large startup, restaurant payments firm Toast Inc., filed on Friday for its offering, while eyewear retailer Warby Parker Inc. unveiled its financials earlier this week ahead of a direct listing.