Elon Musk’s electric-car start-up company Rivian is aiming for a $50 billion IPO

Rivian, the high-tech car company led by former Tesla CEO Elon Musk, is close to getting an initial public offering valued at more than $50 billion.

In a regulatory filing Friday, Rivian confirmed that it has filed for an IPO, known as a prospectus. It has filed with regulators to raise $1.5 billion, but expects to seek an even larger amount, the filing showed.

An early development of the company was the 2014 ElectraRevo, which combines the ride-sharing service of ride-hailing app Lyft with an electric vehicle.

Rivian’s first model, the Rivian BeoDrive V3, made a slow entry into production, but it is finally in the hands of buyers. The BeoDrive V3 is much larger than other electric cars, which make up just a small fraction of the automobile market. Rivian expects to offer more affordable models in the future.

The $50 billion target for the IPO was first reported in a Bloomberg story Friday, when a trader tweeted that it suggested that Rivian could be worth more than Uber.

Elon Musk is not involved in Rivian but remains a stakeholder in Uber and serves on its board.

As noted by Bloomberg, this is the second company in a month to reach the $50 billion valuation mark, with Menlo Ventures recently taking a stake in Waymo.

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