Electric vehicle maker Rivian said it has confidentially filed paperwork with regulators for an initial public offering, setting the stage for a blockbuster year-end market debut as it looks to tap into a red-hot IPO market in the U.S.

Rivian, which counts Amazon.com Inc, Soros Fund Management and BlackRock among its major investors, will seek a valuation of around $70-80 billion at the time of its initial public offering, two sources familiar with the matter told Reuters on Friday.

At that valuation, Rivian would have a bigger market capitalization than General Motors Co, the largest U.S. automaker. But it would still be dwarfed by Tesla Inc, which boasts of a market cap of nearly $700 billion and is currently planning to build a pickup truck that would compete with Rivian’s own version.

Rivian’s stock market flotation is expected to lead the year-end line-up for U.S. IPOs, which have so far raised a record haul of over $225 billion this year, according to data from Dealogic.

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