Our recap of the deal so far:
The deal is slated to close in the first quarter of 2019.
Rivian is expected to start trading on the New York Stock Exchange under the symbol “RIV.”
The food tech startup said the IPO has raised nearly $3 billion.
Rivian was founded in 2017 and counts Tesla as one of its investors.
The long way to $70 billion
It seems like it took a long time for Rivian to realize it was worth nearly $70 billion, but apparently it didn’t. The money was all a myth. The vehicle it built—which made over 50 horsepower—took two years to make, according to Rivian. CEO Chris Bosch was on the financial face of the hoax.
Rivian is trying to ride the hype in a budding vertical transportation trend called the Hyperloop, or rapid transit. Late in the game, with companies like Virgin Hyperloop One already making history, there are a slew of deals in this field. In 2018, Hyperloop Transportation Technologies (HTT) and Hyperloop One and tested their high-speed pods in the desert. High-speed buses and even buses around Los Angeles currently run on Hyperloop technology.