Rivian Automotive, the electrical car maker backed by Amazon and Ford, priced its IPO on Tuesday at $78 a share, in response to an individual accustomed to the matter who requested to not be named as a result of the sale hasn’t been introduced but. The deal values Rivian at $66.5 billion.

Ought to underwriters train their full buy possibility, the corporate could have a market cap of over $68 billion. The inventory will commerce on the Nasdaq beneath ticker image RIVN.

Reuters and the Wall Road Journal reported on the IPO value earlier. A Rivian spokesperson declined to remark.

Final week, Rivian elevated the anticipated value vary to between $72 and $74 from a earlier vary of $57 to $62. At its $78 provide value, Rivian is already price nearly as a lot as Ford ($79 billion) and Common Motors ($85 billion). That is all earlier than the corporate has even began producing actual income.

Rivian mentioned in its prospectus that it’ll lose as much as $1.28 billion within the third quarter, whereas income will vary from zero to $1 million. It is the newest EV firm to draw hefty investor capital at a stratospheric value with out but proving that it has a sustainable enterprise mannequin.

Lucid Motors is price $72.5 billion though the corporate simply started manufacturing of its first vehicles. Nikola’s market cap was larger than Ford’s at one level final yr, regardless of the corporate having no income. It is now price lower than $6 billion, after a short-selling agency accused the corporate of constructing “an Ocean of Lies.”

Buyers are repeatedly making an attempt to hop on the following Tesla. Elon Musk’s firm topped $1 trillion in market worth final month and is now the fifth most-valuable U.S. firm.

Whereas Rivian remains to be successfully pre-revenue, the corporate mentioned in its prospectus that it has a backlog of 55,400 pre-orders for its R1T and R1S electrical automobiles. The R1T is a truck that begins at $67,500, and the R1S is an SUV beginning at $70,000, in response to Rivian’s web site.

The corporate mentioned it expects to fill these orders by the tip of 2023. Moreover, Amazon has ordered 100,000 automobiles to be delivered by Rivian by 2030, and the businesses plan to have 10,000 new Rivian-Amazon supply automobiles on the street as early as subsequent yr. Amazon is pushing its fleet to renewable vitality sources, and mentioned in 2019 that it was buying 1000’s of automobiles from Rivian.

Amazon, which invested greater than $1.3 billion into Rivian, owned 22.4% of the corporate’s Class A shares previous to the IPO. That stake is price about $12.5 billion on the provide value. Ford owned 14.4% of Class A inventory earlier than the providing, a stake now valued at $8 billion.

Rivian says its manufacturing unit in Illinois has the capability to supply as much as 150,000 automobiles per yr. The corporate had over 6,000 workers as of the tip of June.

— CNBC’s Lora Kolodny and Annie Palmer contributed to this report

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