Electric vehicle maker Rivian raises $2.5B in latest funding round

Amazon-linked EV startup Rivian (RIVN) raised $2.5B in its latest funding round amid reports of plans for an IPO.
The financing was led by Amazon’s Climate Pledge Fund, D1 Capital Partners, Ford Motor Co. (NYSE:F) and funds and accounts advised by T. Rowe Price, according to a statement. The funding round included participation by Third Point, Fidelity Management, Dragoneer Investment Group, and Coatue. Rivian didn't provide a post money valuation figure.
Rivian has raised roughly $10.5 billion to date. In January, Rivian announced it raised $2.65B in a funding round led by funds and accounts advised by T. Rowe Price.
The latest funding round comes after a report in late May that the EV startup was pushing ahead with plans to go public by picking underwriters for the IPO process. Rivian is looking for a valuation of about $70B when it goes public, a higher mark than was previously reported. The EV company was valued at about $27.6B when it raised new funds from T. Rowe Price, Fidelity Investments and Amazon earlier in the year.
Today, SPAC Churchill Capital IV (NYSE:CCIV) , which is taking rival electric vehicle maker Lucid Motors (LUCIDM) public, rose 5.9% after CCIV holders approved the transaction. Lucid is expected to start trading on Monday on the Nasdaq under the ticker symbol "LCID."
Yesterday, Rivian confirms plans for second U.S. plant.