Electric vehicle maker Lucid Motors is nearing a deal to go public at a roughly $12B valuation via Michael Klein’s Churchill Capital Corp IV (CCIV), Joshua Franklin and Anirban Sen of Reuters reports, citing people familiar with the matter. The merger between Lucid and Churchill Capital would be bigger than the electric vehicle deals that brought Nikola (NKLA) and Fisker (FSR) public through special purpose acquisition companies, Franklin and Sen point out. Churchill has initiated talks with investors to raise more than $1B by selling shares in a private investment in public equity transaction for the deal with Lucid, sources told Reuters. These funds would be in addition to the $2B Churchill Capital raised in an initial public offering in July, and Franklin and Sen add. Lucid and Klein have agreed on the key terms of the deal, according to Reuters’ sources. Shares of Churchill Capital Corp IV are up 26%, or $10.56, to $50.54 following the report.