Hyperdrive
Rivian Leaps Past Volkswagen’s Valuation as EV Mania Rages
- EV startup’s five-day gain helps stock double IPO price
- Rivian’s value now bigger than Goldman, Boeing, Caterpillar
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A five-day rally in the shares of Rivian Automotive Inc. has led the electric-truck startup to more than double in value since last-week’s trading debut, with its market capitalization now surpassing Volkswagen AG.
The stock jumped as much as 20% to $179.47 in New York on Tuesday, before ending the day up 15%, marking a 121% gain from the initial public offering price of $78. That brought the company’s market valuation to about $153 billion at the close, making Rivian the largest U.S. company with zero revenue.