Amazon-Backed Electric Truck Maker Rivian Eyes $55 Billion Valuation in Upcoming IPO

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

Amazon-Backed Electric Truck Maker Rivian Eyes $55 Billion Valuation in Upcoming IPO

With production of its long-awaited electric pickup underway, Rivian is targeting a valuation of around $55 billion in its forthcoming initial public offering.

The Irvine-based electric truck and SUV maker is expected to raise around $8 billion in the IPO, offering 135 million shares that have been priced between $57 and $62, according to a regulatory filing published on Monday. That's on top of the more than $5 billion Rivian raised earlier this year from companies like Ford, Amazon and T. Rowe Price, a publicly traded investment manager.

The company is expected to start trading on the Nasdaq exchange next week.


The scale of Rivian's IPO reflects just how much has changed since fellow electric vehicle maker Tesla's $260 million public debut on the Nasdaq exchange in 2010. Rivian's R1T pickup rolled off its Normal, Illinois production line in September, beating established automakers to the punch as Ford and General Motors ready their own electric pickups.

While Ford invested in Rivian and stands to gain from its rise, the IPO-bound electric vehicle maker may also pose a threat to the dominance of established brands — that is, if Rivian manages to live up the hype that's propelled its high valuation.

Rivian still has much to prove. Earlier regulatory filings showed the company lost roughly $1 billion in the first half of this year, and deliveries of its debut truck are reportedly at a "trickle" as it races to supply Amazon with 10,000 delivery vans by the end of next year.

On the upside, both Rivian and its competitors stand to gain from a proposed revamp of electric vehicle tax credits in the U.S., as the climate crisis drives scrutiny of emissions-spewing combustion engines.

Ford's market cap hovered around $72 billion on Tuesday, while GM's stood near $81 billion.

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Genies Wants To Help Creators Build ‘Avatar Ecosystems’

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Genies Wants To Help Creators Build ‘Avatar Ecosystems’

When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”

The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.

Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.

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Here's What To Expect At LA Tech Week

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Here's What To Expect At LA Tech Week

LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.

The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.

From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.

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