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Rivian Automotive Inc., which is backed by Amazon.com Inc., is targeting a valuation of more than $53 billion for its U.S. debut, making the electric-vehicle manufacturer potentially almost as valuable as rival Honda Motor.

The startup is looking to raise up to $8.4 billion, setting it up to be the third-largest initial public offering (IPO) by funds raised in the United States over the past decade. Only three other companies have raised more than $8 billion while going public since 2011, according to data from Dealogic.

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