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Impossible Foods Inc. is prepping for an initial public offering that could value the maker of plant-based burgers at about $10 billion within the next year.
The Silicon Valley-based company, which just launched its first national TV ad campaign, is chewing over going public either through a traditional IPO or a so-called special purpose acquisition company (SPAC), according to a Reuters report Thursday, citing unnamed people familiar with the matter.
A $10 billion IPO would substantially dwarf the $4 billion the company was worth in a private funding round in 2020. Impossible Foods’ backers — which include venture capital investors Khosla Ventures and Horizons Ventures, and celebrities Serena Williams and Jay-Z — has raised $1.5 billion in the private market.
Impossible Foods declined comment.
The company has been in a fierce duel with rival Beyond Meat Inc.
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striking partnerships with major retailers and grocery stores, as well as product development efforts with the likes of McDonald’s Corp.
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and Restaurant Brands International Inc.
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amid the changing eating habits of consumers and environmental concerns over the beef industry.
