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Rivian is going public on Wednesday, Nov.10th
join the discussion and post your thoughts!
$Rivian Automotive (RIVN.US)$ , the electric vehicle maker backed by $Amazon (AMZN.US)$ and $Ford Motor (F.US)$ , priced its IPO on Tuesday at $78 a share. The deal values Rivian at $66.5 billion.
Rivian is already worth almost as much as Ford ($79 billion) and General Motors ($85 billion). That’s all before the company has even started generating real revenue. $Lucid Group (LCID.US)$ is worth $72.5 billion even though the company just began production of its first cars. $Nikola (NKLA.US)$ ’s market cap was higher than Ford’s at one point last year before it's been accused to be a lie.
While Rivian is still effectively pre-revenue, the company said in its prospectus that it has a backlog of 55,400 pre-orders for its R1T and R1S electric vehicles. The company said it expects to fill those orders by the end of 2023. Additionally, $Amazon (AMZN.US)$ has ordered 100,000 vehicles to be delivered by Rivian by 2030, and the companies plan to have 10,000 new Rivian-Amazon delivery vehicles on the road as early as next year.
Even though Rivian and Lucid have delivered 0 vehicles to their customers. Investors are continuously trying to hop on "the next Tesla" at the early stage.
Join the Rivian IPO discussion now>>
Source:
Rivian prices IPO at $78 a share, valuing electric vehicle company at $66.5 billion
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How to join this event?
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This course provides you with the stock market recap and investment outlook for the second half of 2021.
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