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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."

Bryan Walsh, author of Future
21 mins ago - Technology

The smart city comes of age

Illustration: Aïda Amer/Axios

Better sensors, more intelligent AI, and the coming wave of 5G wireless could finally fulfill the promise of the smart city.

Why it matters: How we organize, run and power our cities will be increasingly important in the years ahead, as urbanization expands and the damaging effects of climate change compound.

Ben Geman, author of Generate
9 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.