Bloomberg reported on Friday.
Amazon and Ford-backed Rivian had a valuation of $27.6 billion, Reuters reported in January, after a $2.65-billion investment round led by T. Rowe Price.
Rivian is working with advisers including Goldman Sachs Group Inc, JPMorgan Chase & Co., and Morgan Stanley on an initial public offering, the report said, citing people familiar with the matter. The news outlet in February reported the company could seek a valuation of about $50 billion.
Rivian, JPMorgan Chase and Morgan Stanley declined to comment on Bloomberg News’ Friday report, and Goldman Sachs did not respond to Reuters’ request for comment.