The company aims to raise up to $ 10 billion in listing

Rivian Automative Inc., an electric vehicle maker, will disclose the pricing of its initial public offering on Tuesday, with the goal of raising up to $ 10 billion in a listing that could value the company at more than $ 70 billion completely diluted.

It will be the seventh-largest US IPO on record, according to Bloomberg, assuming the shares are sold at the highest price.

Rivian began deliveries of its first truck in September

The company has only been on the market for a few months, but it intends to build roughly 1,200 vehicles at its Normal, Illinois factory by the end of the year. According to the firm, the number of automobiles manufactured at its main factory will reach 150,000 units per year by the end of 2023.

The organization Rivian is the first carmaker in the United States to introduce a battery-powered electric pickup truck. When sales of the RIT SUV begin this year, the business will be the market leader in full-size battery-electric SUVs, capitalising on its pioneering edge.

Rivian will outperform older manufacturers such as Japan’s Honda Motors Co. ($ 53 billion) and France’s Renault SA ($ 11 billion) if it achieves or exceeds the $ 63 billion market value it has set for its IPO.

Rivian intends to utilize the funds from the IPO to support working capital, finance expansion, and other general company reasons, according to the listing filings. Furthermore, the business intends to construct a second factory in the United States and a third unit in Europe.

For the first six months of this year, the corporation posted a net loss of $ 994 million, up from $ 377 million a year before. Due to expenditures related with the commencement of RIT production, the business might report a net loss of up to $ 1.28 billion in the third quarter.

The company’s stock will be listed under the name RIVN on the Nasdaq Global Select Market.