Sparkling Rivian IPO Adds to Bubble Talk in EV Space: Tech Watch
- EV stocks have driven some of the biggest recent market moves
- Rivian valuation surpasses peers including Lucid Group and Nio
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Rivian Automotive Inc. made a roaring stock-market debut Wednesday even as investors grow increasingly concerned about extreme rallies in electric-vehicle stocks, with sector leader Tesla Inc. back to climbing a day after sharp pullback.
Rivian, a maker of electric pickup trucks, raised $11.9 billion in the biggest initial public offering of the year. The stock opened 37% above its IPO price, taking its market capitalization above $90 billion. Rivian’s eye-popping market value is higher than EV producers Lucid Group Inc. and Nio Inc.