Reuters reported Thursday that Impossible Foods is working on an initial public offering that would value that plant-based meat company at around $10 billion.
Citing people familiar with the matter, Reuters said the Redwood City, CA-based company is exploring an IPO in the next 12 months or a merger with a special purpose acquisition company (SPAC), and that it was worked with a financial adviser to help manage talks with SPACs after receive lucrative valuation offers.
The proposed valuation would dwarf the $4 billion that Impossible Foods was valued at in a private funding round in 2020, and dwarf fellow top plant-based meat supplier Beyond Meat's $1.5 billion valuation at its May 2019 IPO.
Reuters cited data from PitchBook showing that Impossible Foods has raised $1.5 billion to-date in private funding.
On April 6, the Good Food Institute and the Plant-Based Foods Association released a report showing that US plant-based retail sales hit $7 billion in 2020, up 27 percent from 2019.
Impossible Foods was founded in 2011, and its products gained mass market distribution during 2020 from 150 stores to more than 20,000.