Hyperdrive
Rivian’s Trading Debut Surge Drives Value to Almost $88 Billion
- EV maker worth more than backer Ford after $12 billion IPO
- Hunger for ESG stocks, gas prices fuel demand for shares
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Rivian Automotive Inc. ended its first day as a public company valued at almost $88 billion, more than tripling its last private valuation after investors piled into 2021’s biggest initial public offering.
That puts the electric truck maker on par with General Motors Co. and makes it more valuable than Ford Motor Co., one of its top investors, as well as EV rival Lucid Group Inc. On a fully diluted basis, including options and restricted stock units, the Irvine, California-based company is valued at about $98 billion.