Rivian, an electrical truck maker backed by Amazon and Ford Motor, is aiming to be valued above $50 billion in its preliminary public providing subsequent week.

The firm up to date its registration paperwork with the Securities and Exchange Commission on Monday to say it was aiming to promote 135 million Class A standard shares priced between $57 and $62 a share, elevating as much as $8.4 billion.

Rivian is one in every of many start-ups hoping to seize a share of the electrical car market, which is predicted to develop exponentially over the following twenty years. The firm is chasing Tesla, the chief within the area. Tesla lately topped $1 trillion in worth, and it made its first full-year revenue final yr.

Amazon has invested over $1.8 billion in Rivian, and it disclosed final week that it held a 20 % stake within the firm. Amazon, which has been increase its personal supply operation, has a contract to purchase 100,000 supply autos from Rivian.

Founded in 2009, Rivian makes an upscale pickup truck and a sport-utility car, each designed to be pushed off-road. “Keep the world adventurous forever,” the corporate proclaims in its I.P.O. submitting.

At $62 per share, Rivian might have a price as excessive as $61 billion if further shares which may get issued are counted. These embody the extra shares that will get issued within the providing, if there’s demand for them, and a few shares underlying worker inventory compensation, stated Matthew Kennedy, a senior I.P.O. market strategist at Renaissance Capital.

Rivian first revealed its papers to go public in August, then aiming for a valuation of round $70 billion. Rivian has misplaced $2 billion for the reason that begin of final yr, underscoring the prices and dangers of growing electrical autos. It expects to spend roughly $8 billion on services and gear by way of the tip of 2023.

Peter Eavis contributed reporting.

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