autoevolution
 

Rivian's Market Cap Right After IPO Reaches More than $100 Billion

According to Bloomberg, Rivian’s IPO process helped the company raise $11.9 billion. All that money came from selling 153 million shares at $78 a pop. If that looks impressive, what followed was even more remarkable: the shares initially bought at $78 started being traded at up to $118.34. As we write this article, Rivian’s market cap reached $110 billion. That makes the new EV maker more valuable than GM, Ford, BMW, Stellantis, and a long etcetera.
Rivian R1T Leaves Production Line 7 photos
Photo: Rivian
Rivian R1SRivian Automotive factoryRivian Automotive factoryRivian Automotive Normal plantRivian Automotive Normal plantRivian Automotive Normal plant
Despite receiving very favorable reviews thanks to the R1T, Rivian is yet to show what it can do. Its single factory so far – located in Normal, Illinois – will also produce the R1S, an electric SUV, and a delivery van made especially for Amazon. Those are all the vehicles Rivian has to sell at this point.

The company is planning to have an additional plant in the U.S. and one in Europe, as we have mentioned in previous articles. Despite that, these new factories will take quite a while to be ready and will probably have to sell different products than those revealed so far. We have no idea if they will have the same warm reception the R1T and the R1S had, although that is not implausible.

Supposing everything goes as planned, Rivian will still take some years to prove it can be as successful as the legacy automakers it has beaten in terms of market cap since going public. None of that seems to prevent investors from considering that the company is worth around $30 billion more than Ford, a company that is one of Rivian’s most prominent investors – just like Amazon.

Negotiations at Nasdaq are still ongoing at the time we published this article, and Rivian’s market cap has already dropped a bit since we started writing. To have a more exact dimension of how much the stock market thinks the company is worth will probably take weeks or even months. We’ll follow that as closely as possible.
If you liked the article, please follow us:  Google News icon Google News Youtube Instagram X (Twitter)
About the author: Gustavo Henrique Ruffo
Gustavo Henrique Ruffo profile photo

Motoring writer since 1998, Gustavo wants to write relevant stories about cars and their shift to a sustainable future.
Full profile

 

Would you like AUTOEVOLUTION to send you notifications?

You will only receive our top stories