Electric-truck startup Rivian Auto Inc could focus on a valuation of about $70 billion in its potential public listing not long from now, sources disclosed Friday.
Amazon.com Inc and Ford Motors Co supported Rivian had a valuation of $27.6 billion in January, after a $2.65-billion investment round led by T. Rowe Price.
Rivian is working with advisers including Goldman Sachs Group Inc, JPMorgan Chase and Co., and Morgan Stanley on a new IPO, sources disclosed.
The media source in February announced the organization could look for a valuation of about $50 billion.
Rivian, JPMorgan Chase and Morgan Stanley declined to remark on the report, and Goldman Sachs did not respond for input.
Rivian, which expects to rival Tesla Inc, is expected to begin production of an electric-pickup and SUV this year.
