American electric vehicle company Rivian is seeking a valuation of USD70 billion should it decide to proceed with an initial public offering (IPO) later this year. According to a report by Bloomberg, the company has already selected underwriters for the move, although Goldman Sachs Group, Morgan Stanley and JPMorgan Chase & Co. have not confirmed the matter.

It was previously reported that Rivian was looking at a valuation of about USD50 billion, and the company said it was worth USD27.6 billion in January after raising USD2.65 billion from investors around that time. Since its inception, the company has secured USD8 billion in funding, with Amazon being one of its big-name backers.

Currently, Rivian is gearing up to deliver units of the R1T pick-up truck to customers, although this has been delayed to July from June. The company also has the R1S SUV that is due to ship out from August, while progressively fulfilling Amazon’s order of 100,000 delivery vans by 2030.

Should Rivian proceed with its IPO, it will be one of the largest of the year and allows the company to generate funds from the stock exchange. Other EV brands that have gone public in the United States include Tesla, Lucid, Lordstown Motors, Nikola Motors, Fisker, Li Auto and Xpeng.

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