Elon Musk cousin’s electric vehicle startup is launching an IPO

Another day, another major tech IPO.

Rivian filed for a $100 million IPO Friday, becoming the latest Silicon Valley darling to launch an initial public offering. In a statement, the company said it intends to trade on the Nasdaq.

The company’s ambition is to be a building concierge for the smart home. It describes its business model as “private.”

The Rivian concept has been in the works for a while, as a futuristic electric vehicle. The startup was co-founded by billionaire Elon Musk’s cousins, Joel and Anthony Musser. Rivian had $505 million in funding from Musk’s Tesla and SpaceX, as well as Alphabet’s venture capital arm GV and Lux Capital.

During its fundraising, Rivian is reported to have raked in $1.1 billion in bids from investors. That represents a staggering five times the value of the roughly $264 million it was seeking when it filed for its initial public offering in March.

Palo Alto Networks, a cybersecurity company that went public in June, also had a bumpy road to market, with a series of deal flow issues. But the company’s IPO also went off with a valuation of more than $10 billion.

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