EV startup Rivian could be worth nearly as much as Honda in U.S. IPO

Rivian Automotive Inc, which is backed by Amazon.com Inc, is targeting a valuation of more than $53 billion for its U.S. debut, making the electric vehicle manufacturer potentially almost as valuable as rival Honda Motor.

The startup is looking to raise up to $8.4 billion, setting it up to be the third-largest initial public offering (IPO) by funds raised in the past decade in the United States.

Only three other companies have raised more than $8 billion while going public since 2011, according to data from Dealogic.

Alibaba raised a record $25 billion in 2014, Meta Platforms Inc garnered $16 billion in 2012, while Uber made $8.1 billion in 2019.