Want To Buy Into Rivian IPO Early? SoFi Is Offering Early Access To Customers

A fintech company that went public with a Chamath Palihapitiya SPAC is offering early access to one of 2021’s highest anticipated initial public offerings.

What Happened: Electric vehicle company Rivian is nearing its IPO where it will sell shares in the range of $57 to $62. The company is planning on selling 135 million shares and raising over $8 billion. Rivian could be valued at over $54 billion in its IPO.

Rivian is a well-known brand in the electric vehicle space and could see strong demand for its IPO.

The company counts Amazon.com Inc AMZN and Ford Motor Co F as investors, which own 20% and 12% of the company, respectively.

Rivian shares will be listed under the symbol "RIVN" on the Nasdaq.

Get Early Access: SoFi Technologies Inc SOFI is offering early access to the Rivian IPO for its customers.

“In addition, we currently anticipate up to 0.5% of the shares of Class A common stock offered hereby will, at our request, be offered to retail investors through SoFi Securities LLC via its online brokerage platform,” Rivian said in its IPO filing.

Bases on an IPO of 135 million shares, SoFi will be offering up to 675,000 Rivian shares to its customers.

SoFi launched its IPO offerings program earlier this year and has given customers early access to several IPOs.

Four biotech-focused SPACs from Palihapitiya were offered early access to SoFi customers.

SoFi ended the second quarter with 2.56 million members, up 113% year-over-year. This marked the eighth consecutive quarter of membership growth. The company reported revenue of $231.3 million, up 101% year-over-year.

SoFi will report third-quarter earnings on Nov. 10 and will provide an update on revenue and membership figures. The company could also share how successful early access IPOs have been and how the Rivian demand has been.

Related Link: SoFi Merging With Palihapitiya Backed IPOE SPAC

Rivian’s Growth: Rivian produced 100 Rivian R1T electric pickup trucks in October. The company plans to produce and deliver over 1,000 electric vehicles by the end of the year.

Pre-orders for Rivian vehicles have grown, as reported by InsideEVs. Rivian had 48,390 reservations for the R1T and R1S in September. That total hit 55,400 in October, up 15% on a month-over-month basis. The pre-orders are based on anyone who placed a fully refundable deposit of $1,000 for a vehicle.

The current pre-orders fill the company’s backlog through 2023.

By 2024, the company is planning to be able to produce up to 150,000 vehicles annually. An update to this capacity would take the production capacity to 200,000 vehicles annually.

Rivian has a deal in place with Amazon for 100,000 EDV vans by the year 2025.

Price Action: SOFI shares were up 1% to $22.95 at the time of writing.

Disclosure: The author has a long position in SOFI shares.

Photo: Courtesy of Rivian