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Bezos-backed Rivian valued at $100bn in one of world’s biggest IPOs
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The Jeff Bezos-backed electric carmaker Rivian has raised more than $11bn in a stock market sale that valued the company at more than $100bn in one of the world’s biggest-ever stock market floats.
The share sale on Wednesday values Rivian higher than Ford or General Motors, even though before the sale the company revealed it had lost more than $2bn since the start of last year and had delivered just 53 vehicles by the end of last month. It plans to deliver 1,000 by the end of the year.
Backed by investors including Amazon, Ford and the Saudi investment firm Abdul Latif Jameel, which made its fortune in oil, the share sale is further proof of investors’ appetite for the electric vehicle market. Rivian is setting itself up as a rival to Elon
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