Electric vehicle startup Rivian is preparing for an initial public offering (IPO) as the electric vehicle market heats up.

Rivian is one of the main up-and-coming competitors to Tesla, and has the investment backers to match. Amazon and Ford are both heavy investors in the company, as is Cox Automotive. When comparing upcoming vehicles, Tesla, Ford and Rivian’s vehicles are often compared head-to-head.

Rivian has now announced its intentions to go public, as it prepares for its IPO.

Rivian today announced that it has confidentially submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission (the “SEC”) relating to the proposed public offering of its common stock. The size and price range for the proposed offering have yet to be determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.