Next-Tesla Tag Sends Rivian Above $100 Billion Without Sales
- Amazon, Ford’s backing cited as reasons for EV maker’s rise
- Bigger market cap than General Motors two days after IPO
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Rivian Automotive Inc. reached a market value of over $100 billion two days after its initial public offering, drawing comparisons to Tesla Inc.
But there are stark differences: When Tesla went public in 2010, the Elon Musk-led firm disclosed $93 million in revenue and losses far below the $1 billion Rivian reported for the first half. What’s more, Tesla’s initial market capitalization was about $2 billion and didn’t reach $90 billion until 2020.