This puts its worth above those of Ford and equal to GM.
Shares opened at $106,75 yesterday morning.
Shares sold initially for $78 apiece the night before.
Rivian’s on fire! Its initial public offering has turned into one of the largest of its kind this year. Rivian has yet to deliver 1,000 vehicles, a goal it hopes to achieve by the end of this year, but already speculators are betting that the EV start-up’s future will be extremely bright.
At $106,75 a share, Rivian’s stakeholders have already made plenty of money. Ford owns 12% of the EV company which is valued at $10 billion. The strange twist is that Ford closed at a $77 billion valuation or $9 billion less than Rivian. Recently, Amazon announced that it too was a shareholder. With a 20% stake, Amazon’s shares are now worth about $17 billion according to CNBC.
In its prospectus, Rivian predicts that it will lose up to $1.28 billion in the third quarter of 2021 with revenues that are unlikely to surpass $1 million if they make any at all. Production of the R1T began recently and R1S SUVs should be leaving the assembly line in December.
The rush towards electrification has been extremely kind and generous to Rivian, Tesla, and one or two more EV builders.
