Rivian became the 2nd most valuable CarMaker in the US
U.S. electric CarMaker Rivian saw its stock jump as much as 53% during its first session to finally close at $100.73, rising 30%.
With yesterday’s stock rally, the company’s market capitalization topped $100 billion, an Initial IPO that is by far the largest for 2021, while with its market capitalization at that level it became the second most valuable CarMaker in the U.S., behind only Tesla, whose market capitalization is formed after Wednesday’s close at $1.06 trillion.
Read more: Watch the Rivian R1T go up the famous Hells Gate pass
Alongside raising about $12 billion that could be as much as $13.7 billion if acquisition rights are exercised by individual investors, the IRA is also the largest in the U.S., behind that of Alibaba in September 2014.
It’s striking that although it has only begun selling its vehicles in 2021, Rivian overtook traditional forces in the U.S. automotive industry, such as General Motors ($86.05 billion), Ford ($77.37 billion) and newly minted Lucid ($65.95 billion).
“The transition to a public company and the development of our capital base enables Rivian to develop promising products and create volume and growth in new sectors in which we will penetrate new vehicles,” the company’s CEO said in an interview.
The company, which has Amazon as its largest shareholder with 20%, is preferred by some of Wall Street’s major institutional investors, such as T. Rowe Price and BlackRock, who are betting that Rivian will be the next big trend in an industry dominated by Tesla.