Here’s how much Rivian is worth, and where it gets its money

Rivian Automotive will start trading today after raising more than $1 billion in an initial public offering of stock that valued the luxury vehicle startup at $70 billion.

The IPO gives the consumer electronics maker an initial valuation of more than triple the $21.7 billion that Tesla Motors Inc. was valued at after its May 2014 IPO. Rivian is best known for the NAVS360, an electric “coupe” styled like a crossover SUV. The vehicle is expected to retail for more than $100,000, according to its IPO filing, which cited pricing assumptions it didn’t disclose.

Shares of Rivian will trade under the symbol “RIV,” according to the offering. With an IPO, Rivian is looking to pay back a $50 million loan from Alphabet Inc.’s CapitalG fund. The company had $148 million in revenue and a $142 million loss last year, according to its filing.

Rivian, co-founded by Tesla executive Alan Bethke, aims to sell its “eXplorist” vehicle “as widely as possible,” according to the filing. It also disclosed that it had conversations with the likes of Hyundai Motor Co. and General Motors Co. last year about potential partnerships. No deal was ever reached.

With the Rivian IPO, investors are getting a look at what’s in store for new companies that go public. A lack of initial public offerings and inconsistent performances by marquee names such as Snap Inc. and Facebook Inc. have soured the appetite for public offerings. Even though more offerings are getting made, the offering environment “hasn’t been great” because of the fact that there are not a lot of initial public offerings available for investors to choose from, Scott Sweet, managing partner of IPO Boutique, said.

“The bankers are still in the fact-finding phase,” Sweet said. “They’re figuring out how to execute.”

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