Rivian Automotive, Inc. (NASDAQ: RIVN) today announced the pricing of its upsized initial public offering of 153,000,000 shares of Class A common stock at a public offering price of $78.00 per share, above the expected $72-$74 range. The IPO size was increased from 135,000,000.

The pricing values the EV maker at $68.2 billion if underwriters exercise their option. By comparison, Tesla has a valuation of a little over $1 Trillion.

In addition, Rivian has granted the underwriters a 30-day option to purchase up to an additional 22,950,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.

Rivian’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market on November 10, 2021, under the ticker symbol “RIVN.”

The gross proceeds from the offering to Rivian, before deducting underwriting discounts and commissions and other offering expenses payable by Rivian, are expected to be approximately $11.9 billion, excluding any exercise of the underwriters’ option to purchase additional shares.

Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are acting as lead book-running managers for the offering. Barclays, Deutsche Bank Securities, Allen & Company LLC, BofA Securities, Mizuho Securities and Wells Fargo Securities are acting as additional book-running managers for the offering. Wolfe | Nomura Strategic Alliance, Piper Sandler, RBC Capital Markets, Baird, Wedbush Securities, Academy Securities, Blaylock Van, LLC, Cabrera Capital Markets LLC, C.L. King & Associates, Loop Capital Markets, Ramirez & Co., Inc., Siebert Williams Shank and Tigress Financial Partners are acting as co-managers for the offering.

Amazon.com NV Investment Holdings (NASDAQ: AMZN) will hold 17.3% of total voting power after RIVN IPO, T. Rowe Price Associates 14.5%, Global Oryx Company 12.1%, Ford Motor (NYSE: F) 11.1%, and CEO and founder Robert J. (RJ) Scaringe 9.4%.

Rivian launched “R1T,” a two-row five-passenger pickup truck, and began making customer deliveries in September 2021. As of September 30, RIVN produced 12 R1Ts and delivered 11 R1Ts, and as of October 31, RIVN produced 180 R1Ts and delivered 156 R1Ts, mainly to its employees. The company plans to launch its first SUV “R1S,” a three-row seven-passenger car, before the end of this year. Rivian also has plans to launch the Electric Delivery Van. Rivian has 48,390 pre-orders for its pickup trucks and R1S SUVs in the United States and Canada as of September. Furthermore, Rivian also offers FleetOS, the proprietary, end-to-end centralized fleet management subscription platform.

Rivian estimates its TAM (total addressable market) to be $9 trillion and SAM (serviceable addressable market) to be $1 trillion.