Impossible Foods prepping for $10 billion IPO: report

A $10 billion IPO would substantially dwarf the $4 billion the company was worth in a private funding round in 2020

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. $(BYND)$, striking partnerships with major retailers and grocery stores, as well as product development efforts with the likes of McDonald's Corp. $(MCD)$ and Restaurant Brands International Inc. (QSR.T) amid the changing eating habits of consumers and environmental concerns over the beef industry.