Electric vehicle maker Rivian Automotive LLC is reportedly looking to go public as soon as September.

Bloomberg News, the first to report the possible initial public offering for the Irvine-based company, said the goal would be a valuation of at least $50 billion.

Tesla Inc. (Nasdaq: TSLA), by comparison, had a market cap of about $1.7 billion at the time of its 2010 IPO. The electric automaker had a recent market cap of $772.5 billion, with shares down 5.3% to $804.82 on Wednesday.

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Rivian in January raised $2.65 billion bringing its total raised to date to $8 billion in a round that included Amazon’s Climate Pledge Fund. Bloomberg had reported just ahead of Rivian's confirmation of the funding round that the company was set to raise “several billion dollars” in a move that valued it at $25 billion.

Other investors in Rivian have included Ford Motor Co., Cox Automotive, Fidelity Management and Research Company, Soros Fund Management LLC and BlackRock Funds.

Amazon recently began using Rivian’s electric delivery vans on some Los Angeles routes with additional rollouts planned.

Rivian is also set to begin deliveries of its R1T truck and R1S SUV this summer. The vehicles have starting prices of $67,500 and $70,000 respectively.