Electric truck maker Rivian announced on Friday that it “confidentially” filed for initial public offering with the Securities and Exchange Commission.

While no valuation was placed on the IPO, it is estimated to be valued in the $70-$80 billion range, sources told Reuters.

Bloomberg reported in May that Rivian had selected Goldman Sachs, JPMorgan, and Morgan Stanley as its underwriters for the IPO and could seek a valuation of $70 billion at the time.

Rivian, which will compete with several electric truck makers, including Tesla’s Cybertruck, is expected to start production of the R1T pickup truck this year. The electrified R2T SUV will also begin production in 2021.

Rivian has raised $10.5 billion since the start of 2019. Most recently, the automaker raised $2.5 billion in July, led by backers Amazon, Ford, and T. Rowe Price.

Amazon has tapped Rivian to produce 100,000 electric delivery vans in September 2019. The vans began testing in San Francisco and Los Angeles earlier this month, CNBC said.

Reports have also indicated that Rivian plans to build a second assembly plant outside of Normal, Illinois. Reuters said that Rivian is in talks to invest at least $5 billion in a new vehicle facility near Fort Worth, Texas.

Rivian, an Amazon-backed startup producing electric trucks and delivery vehicles, has raised an additional $2.6 billion as it prepares to launch its first vehicles later this year
Rivian, an Amazon-backed startup producing electric trucks and delivery vehicles, has raised an additional $2.6 billion as it prepares to launch its first vehicles later this year GETTY IMAGES NORTH AMERICA / David Becker
RELATED STORIES