Rivian, the Amazon.com Inc.-backed electrical car maker that registered final month for a inventory market debut, is aiming to lift between $5 billion and $8 billion with the itemizing, making it one of many largest U.S. preliminary public choices of current years, in keeping with folks acquainted with the matter.

Rivian, which counts Ford Motor Co. and T. Rowe Worth amongst its traders, registered the IPO confidentially with U.S. regulators final month. It’s in search of a valuation of about $80 billion within the itemizing, which is predicted to land in late October or November, the sources mentioned.

Rivian declined to remark.

If Rivian raises $8 billion within the IPO, that may rank because the fourth largest of the previous decade in america. Solely three different firms have raised greater than $8 billion in IPOs since 2011, in keeping with Dealogic: Alibaba, which raised a world-record $25 billion in 2014; Fb, which raised $16 billion in 2012; and Uber, which raised $8.1 billion in 2019.

Proceeds from the IPO will permit Rivian to increase manufacturing past its meeting plant in Regular, In poor health. The startup has mentioned it’s in talks with a number of areas to construct a second U.S. manufacturing facility, which paperwork seen by Reuters present would come with an funding of at the very least $5 billion.

Rivian has not offered particulars on its IPO plans, however it’s anticipated to disclose its funds for the primary time in a public submitting within the coming weeks.

California-based Rivian is among the many most well-funded U.S. startups, having raised $10.5 billion for the reason that begin of 2019. Different traders embody BlackRock Inc., Soros Fund Administration, Constancy and Saudi auto distributor Abdul Latif Jameel Co.

Whereas Rivian has been dubbed the “Tesla killer” in some quarters, it’s nonetheless tiny in contrast with Tesla Inc., which boasts a market cap of practically $740 billion and plans to construct a pickup truck that may compete with Rivian’s R1T.

Rivian’s flotation is predicted to spherical out one other document 12 months for U.S. IPOs. Firms have raised greater than $230 billion up to now this 12 months by means of share gross sales, in keeping with information from Dealogic, and are on monitor to lift tens of billions extra earlier than the 12 months ends.

Based as Mainstream Motors in 2009 by CEO R.J. Scaringe, the corporate modified its title to Rivian in 2011. “Rivian” is derived from “Indian River” in Florida, a spot Scaringe frequented in a rowboat as a youth.