Buzzy (and very well-funded) EV startup Rivian has filed paperwork with the Securities and Change Fee to go public. Rivian will likely be doing a standard preliminary public providing, bucking the latest development of electrical automobiles going public by merging with a particular objective acquisition firm, or SPAC.

The corporate, which is backed by Amazon and Ford, introduced that it submitted a draft registration assertion for the IPO in a press release. The draft will initially stay confidential, although Bloomberg has reported that Rivian is looking for a valuation as excessive as $80 billion. The IPO date is anticipated to be someday earlier than the top of this 12 months. When it occurs, Rivian will add to a fundraising warfare chest that’s already over $10 billion.

Rivian’s IPO submitting comes because the startup is about to lastly ship its first car: the R1T electrical pickup truck. Initially revealed on the 2018 Los Angeles Auto Present, the R1T has been hit with a number of delays. Rivian’s second car, an electrical SUV often called the R1S, is meant to observe quickly after. Rivian can also be growing electrical supply vans for Amazon, which owns at the very least 10 % of the corporate following its investments.

Rivian bucking the SPAC development matches the corporate’s longstanding sample of zigging the place different EV startups have zagged. Whereas a lot of its friends (like Faraday Future, Byton, and Nio) emerged within the mid 2010s with splashy bulletins and exorbitant spending, Rivian was based in 2009 and stayed in stealth mode till 2018. As an alternative of making an attempt to construct its personal manufacturing unit, it purchased an current one and repurposed it (although it’s now reportedly curious about constructing a second manufacturing unit from scratch). Rivian spent lots of time crafting a model, too, as a substitute of focusing solely on the expertise it has been growing.

All advised, it was an unusually methodical strategy for an EV startup, however one which helped Rivian court docket huge identify traders and strategic companions alongside the way in which, setting it up for a giant IPO that’s now nearer than ever.

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