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Rivian isn’t a household name yet, but it will be soon.
The company has been called the “Tesla Killer.” It was valued at $7 billion in December 2019 after receiving over $2.2 billion from startup investors. And that was before it received another $1.3 billion investment from T. Rowe Price Group Inc. (NASDAQ: TROW) in the same month.
Because of those massive investments, retail investors are clamoring for their chance to get in on Rivian stock too.
No Rivian IPO date has been set, but it’s just a matter of time before this company goes public.
What Is Rivian? Behind the $2.2 Billion “Tesla Killer”
The company was founded by Robert Scaringe in 2009, after he graduated from MIT. Just 11 years later, the company already has more than 1,000 employees.
Because it remains a private company, financial details are scarce.
We do know the company has massive potential.
Rivian’s most notable vehicle is the R1S. It’s an SUV meant to rival Tesla Inc.’s (NASDAQ: TSLA) Model X. The company claims the R1S can drive between 240 and 410 miles on a single charge. If true, that would significantly outpace the Model X’s range of 237 to 295 miles. Rivian’s version is expected to retail between $70,000 and $90,000.
So why does the company, and a potential IPO, have so much hype if it isn’t selling cars?
The world’s richest man and founder of Amazon visited the company’s headquarters in Michigan in the fall of 2019. After seeing its operations, he pledged to buy 100,000 of its vans for Amazon’s delivery services.
Since then, speculation has run rampant about a potential IPO for Rivian stock.