Rivian Automative Inc., an electric truck maker backed by Amazon.com Inc., aims to raise up to $8.4 billion in an initial public offering that could give it a market value of up to $53 billion.

The company said it plans to sell 135 million shares at between $57 and $62 apiece, according to an application filed with the U.S. Securities and Exchange Commission.

Cornerstone investors have shown interest in $5 billion worth of stock.

Taking into account employee options on shares and limited share shares, the company’s fully diluted value will be closer to $60 billion, which compares to a valuation of $27.6 billion after a $2.65 billion funding round in January, reported by Bloomberg News

This listing will eclipse the June IPO of XPeng Inc., as the largest IPO of electric vehicle manufacturers in history. XPeng raised more than 16 billion Hong Kong dollars ($2 billion), including so-called greenshoe shares, in its Hong Kong IPO, and Tesla, which has a current market value of $1.2 trillion, raised the listing to $260 million.

Rivian attracted the largest investors who showed interest in buying IPO shares worth up to $ 5 million – Amazon.com Inc., T. Rowe Price, Coatue Management, Franklin Templeton, Calpital Research Global Investors, DI Capital, Third Point Investors, Blackstone Inc.

The company’s plans for an IPO are related to the expansion of the scale of production of electric vehicles and the desire to capture most of the rapidly growing market, and thanks to raising $ 10.5 billion from sponsors, Rivian is one of Tesla’s most serious competitors.