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Rivian R1T electric truck. Photo: Rivian

Rivian, the well-financed electric vehicle startup about to start delivering its pickup truck, says it has filed plans to go public with securities regulators.

The big picture: The company is quite well-capitalized. Rivian's financial backers include Ford, Amazon and BlackRock.

  • Rivian's recent $2.5 billion funding round brings the total amount raised above $10 billion.
  • It's also breaking from the pack of EV startups going public with apparent plans to eschew listing via merger with a special purpose acquisition company, the route many others are taking.
  • Bloomberg reported that Rivian is hoping to do an IPO around the Thanksgiving timeframe and hopes for an $80 billion valuation, while the NYT says it's aiming for $70 billion.
  • Those numbers are eye-popping. Consider that Ford's market capitalization is currently $52 billion.

The intrigue: The EV market is getting crowded even as EVs remain a very small slice of auto sales. But Rivian, flush with cash, has reason for confidence, analysts said in response to Friday's announcement.

  • "[W]e believe Rivian is an ideal position to go public as investor enthusiasm for EVs is high," PitchBook analyst Asad Hussain said.
  • "Similar to Tesla, Rivian’s premium market valuation reflects its ownership of the entire value chain, including direct-to-consumer sales, charging networks, and commercial vehicle business," Hussain said in a note.

Catch up fast: Rivian will begin deliveries of its pickup truck next month, with plans to start delivering its SUV this fall.

  • The Michigan-based startup also has a large deal with Amazon to build up to 100,000 electric delivery vehicles this decade.

Go deeper: The EV revolution will hit speed bumps

Go deeper

GM plans to double revenues by 2030 as it rolls out EVs and services

GM CEO Mary Barra. Photo: GM

General Motors plans to double its revenues over the next decade as it transitions to an all-electric future, tapping into software and subscription services that enable new vehicle experiences and connect customers' digital lives, the company told reporters on Wednesday.

Why it matters: It's an extraordinary target for a lumbering industrial giant that is trying to transform itself from automaker to "platform innovator."

37 mins ago - Technology

Scoop: Facebook exec warns of "more bad headlines"

Illustration: Annelise Capossela/Axios

In a post to staffers Saturday obtained by Axios, Facebook VP of global affairs Nick Clegg warned the company that worse coverage could be on the way: “We need to steel ourselves for more bad headlines in the coming days, I’m afraid.”

Catch up quick: Roughly two dozen news outlets had agreed to hold stories based on leaked materials from Facebook whistleblower Frances Haugen for Monday publication — but the embargo fell apart Friday night as participating newsrooms posted a batch of articles ahead of the weekend.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.