R.J. Scaringe, Rivian’s 35-year-old CEO, introduces his firm’s R1T all-electric pickup and all-electric R1S SUV at Los Angeles Auto Show in Los Angeles, California, November 27, 2018.

Mike Blake | Reuters

Rivian Automotive, the electrical car maker backed by Amazon and Ford, priced its IPO on Tuesday at $78 a share, in line with an individual acquainted with the matter who requested to not be named as a result of the sale hasn’t been introduced but. The deal values Rivian at $66.5 billion.

Should underwriters train their full buy choice, the corporate can have a market cap of over $68 billion. The inventory will commerce on the Nasdaq underneath ticker image RIVN.

Reuters and the Wall Street Journal reported on the IPO value earlier. A Rivian spokesperson declined to remark.

Last week, Rivian elevated the anticipated value vary to between $72 and $74 from a earlier vary of $57 to $62. At its $78 provide value, Rivian is already value virtually as a lot as Ford ($79 billion) and General Motors ($85 billion). That’s all earlier than the corporate has even began producing actual income.

Rivian stated in its prospectus that it’ll lose as much as $1.28 billion within the third quarter, whereas income will vary from zero to $1 million. It’s the newest EV firm to draw hefty investor capital at a stratospheric value with out but proving that it has a sustainable enterprise mannequin.

Lucid Motors is value $72.5 billion despite the fact that the corporate simply started manufacturing of its first vehicles. Nikola’s market cap was larger than Ford’s at one level final yr, regardless of the corporate having no income. It’s now value lower than $6 billion, after a short-selling agency accused the corporate of constructing “an Ocean of Lies.”

Investors are constantly making an attempt to hop on the following Tesla. Elon Musk’s firm topped $1 trillion in market worth final month and is now the fifth most-valuable U.S. firm.

While Rivian continues to be successfully pre-revenue, the corporate stated in its prospectus that it has a backlog of 55,400 pre-orders for its R1T and R1S electrical autos. The R1T is a truck that begins at $67,500, and the R1S is an SUV beginning at $70,000, in line with Rivian’s web site.

The firm stated it expects to fill these orders by the tip of 2023. Additionally, Amazon has ordered 100,000 autos to be delivered by Rivian by 2030, and the businesses plan to have 10,000 new Rivian-Amazon supply autos on the street as early as subsequent yr. Amazon is pushing its fleet to renewable power sources, and stated in 2019 that it was buying 1000’s of autos from Rivian.

Amazon, which invested greater than $1.3 billion into Rivian, owned 22.4% of the corporate’s Class A shares previous to the IPO. That stake is value about $12.5 billion on the provide value. Ford owned 14.4% of Class A inventory earlier than the providing, a stake now valued at $8 billion.

Rivian says its manufacturing facility in Illinois has the capability to provide as much as 150,000 autos per yr. The firm had over 6,000 workers as of the tip of June.

— CNBC’s Lora Kolodny and Annie Palmer contributed to this report

WATCH: Should you consider the Rivian hype?

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