CNBC’s Jim Cramer said Monday that even though electric-vehicle startup Rivian Automotive has some strong backers as it prepares to hit the public markets, he is skeptical it will be the next Tesla and would rather own shares of Ford Motor.

“Even if everything goes right for Rivian, this industry is getting a little crowded in here. When Tesla was starting out there was nobody else,” Cramer said on “Mad Money.” Now, however, “Rivian’s got Ford’s F-150 Lightning hot on its heels, along with GM’s electric Hummer and even Tesla’s Cybertruck.”

With Amazon and Ford as sizable investors, Rivian priced its shares between $72 and $74 for its IPO and is likely to start trading Wednesday. “Given that the company plans to offer 135 million shares, we’re talking about a $9.85 billion fundraise, which would make this the sixth- or seventh-largest IPO in U.S. history,” Cramer said.

Cramer said he wouldn’t be surprised if Rivian’s stock takes off even with such a high valuation because “the people buying this thing won’t care about valuation.” Rather, investors will be betting that the young company can scale up production and become a major competitor in the growing EV market.

Cramer complimented Rivian for the number of orders it’s received for not only its pickup truck and planned SUV, but also its major commercial van deal with Amazon. Additionally, the fact a competitor like Ford is an investor in Rivian “is a huge acknowledgment” of Rivian’s potential, he said.

Ultimately, Cramer told viewers that “if you really believe in Rivian, you’ve got my blessing to speculate.” However, he added, “I’d much prefer to stay on the sidelines and get my electric vehicle exposure from Ford, which is why we own it for the charitable trust.”

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Disclosure: Cramer’s charitable trust owns shares of Ford and Amazon.