Rivian targets a $55 billion market cap

EV manufacturer Rivian aims to raise up to $8.4 billion in its IPO, according to a regulatory filing posted yesterday. The company plans to offer 135 million shares priced between $57 and $62, valuing the start-up at as much as $54.6 billion, making it potentially almost as valuable as rival Honda.

Backed by Amazon, Ford, Coatue Management, Blackrock and many other prominent investors, Rivian was last valued at $27.60 billion following its $2.65 billion Series F round in January this year. The company plans to deliver 1,000 pickup trucks and 10,000 vans by the end of this year.