Rivian, a startup startup that is pioneering autonomous ride sharing technology, will begin trading today after filing for an initial public offering late last month, according to PitchBook.
The company is valued at about $70 billion—despite the fact that Rivian only had an initial valuation of $26 million in 2015. But the lofty valuations may not translate to shares, because Rivian hasn’t yet filed with the SEC.
“We’ve determined that there are substantial uncertainties concerning the liquidation of our assets, should our business not continue to successfully perform,” Rivian wrote in its IPO registration statement.
Rivian, a Silicon Valley startup founded in 2016, is currently developing a vehicle called the Rivian R1T. The car is filled with artificial intelligence that learns its passengers’ commands over time. When a route is repeated, the car might know when to pause and begin all over again. The company plans to add “resetting” in future versions.
The vehicle is believed to be capable of carrying up to five people. The prototype is being tested on California highways. The car uses a multi-cam autopilot system that communicates with other vehicles and a robotic assistant.
This is the first major public debut for Rivian. The company, which also called itself Rivia at one point, was founded by entrepreneur Chris Rhea and Silicon Valley investor Paul Moutry. Rhea previously founded Tamarac, Fla.-based Las Vegas AV Technologies, a company that has made a prototype driverless taxi for the Vegas Gaming and Entertainment Commission.
The two started Rivian in 2016. Rivian’s R1T announcement came months after a similar announcement from electric-car maker Faraday Future.
While this is the first major IPO for Rivian, the company hasn’t been shy about seeking capital. It raised more than $1 billion through a series of private investment rounds.