Rivian Automotive is the backer of electric vehicle manufacturer AmazonAnd FordAccording to a source familiar with the matter, the price of its IPO was set at $78 per share on Tuesday. This is despite the fact that the sale has not been officially announced. Rivian is valued at $66.5 million.

If the underwriters choose to exercise their entire purchase option, then the company’s market capitalization will be more than $68 billion. Stock will be listed on Nasdaq as RIVN under the ticker symbol.

Reuters reported the IPO price before the Wall Street Journal. Rivian declined to comment.

Rivian raised the price range for its products to $72 to $74, up from $57-$62. Rivian’s $78 price is almost the same as Ford($79 billion). General Motors($85 billion). All this before the company even starts generating actual revenue.

Rivian claimed in the prospectusThe company will suffer a net loss of $1.28 billion during the third quarter. However, revenue is expected to range between $1 million and zero. This is the latest EV startup to be able to raise significant investor capital, but it’s still not proving its sustainability business model.

Lucid MotorsEven though it’s worth only $72.5 million, just began productionOne of the first automobiles. Nikola’sCapacity to market was higherFord’s in one year, even though the company had no revenues. It’s now worth less than $6 billion, after a short-selling firm accused the company of making “an Ocean of Lies.”

Investors continue to look for the next opportunity. Tesla. Elon Musk’s company topped $1 trillionIt is currently the fifth most valuable U.S. company and had a market value of $52 million last month.

Rivian remains pre-revenue but the prospectus stated that Rivian has 55,400 orders for R1T or R1S electric cars. Rivian says that the R1T truck starts at $67500 and R1S an SUV begins at $70,000. website

According to the company, it anticipates that these orders will be fulfilled by 2023. Amazon ordered Rivian 100,000 vehicles for delivery by 2030. Rivian and Amazon plan to put 10,000 Rivian Amazon vehicles on the road by next year. Amazon has stated that its fleet is shifting to renewable energy and indicated this in 2019. purchasing thousands of vehiclesRivian

Amazon had 22.4% ownership of Rivian’s Class-A shares before the IPO, having invested more than $1.3B into Rivian. At the current offer price, that stake was worth approximately $12.5 billion. FordThe stake, now valued at $8.4 billion, was 14.4% in Class A stock owned before the offer.

Rivian states that the Illinois plant can make up to 150,000 vehicles annually. As of June 30, the company employed more than 6,000 people.

— CNBC’s Lora Kolodny and Annie Palmer contributed to this report

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