If electric-vehicle startup Rivian comes even close to justifying the valuation targeted in its initial public offering, Detroit has a real problem.
The company, which delivered its first vehicles in September, starts its investor roadshow Tuesday ahead of a listing next week. On Monday it disclosed a price range of between $57 and $62 a share. At the midpoint, that equates to a market value of about $51 billion, using the minimum number of shares outstanding expected after the IPO. At the upper end, and factoring in the dilution effect of stock options, the valuation would exceed $60 billion.