After Rivian’s proposed starting initial public offering (IPO) price of $62, the company landed a starting price of $76, before the company’s stock jumped in the past several days.
Rivian has been on a five-day rally, pushing the company’s market capitalization past that of Volkswagen’s, according to Bloomberg.
On Tuesday, Rivian’s surged 14 percent, trading at $169.70 with a market valuation of roughly $150 billion USD, and pushing Rivian into the spotlight as the largest U.S. company with no revenue, as of yet.
The Ford and Amazon-backed company surpassed Volkswagen’s market cap at $138.9 billion USD, while investors fervently search for the next electric vehicle (EV) to financially support.
Rivian IPO Raises $11.9 Billion, Shares to Trade Under Ticker RIVN https://t.co/ovfY5Hxnv3
— TeslaNorth.com (@RealTeslaNorth) November 10, 2021
Volkswagen delivers nearly 10 million vehicles per year, making it both Europe’s largest automaker and the second biggest world automaker by production, right behind Toyota.
Tesla is the world’s largest automaker by market cap at $1.04 trillion.
Despite Rivian just seeing its first deliveries of the R1T electric pickup, the company has estimated that it will reach an annual production of 150,000 vehicles by the latter part of 2023.
During trading on Tuesday, Rivian’s market value was briefly worth more than about 90 percent of S&P 500 stocks, including Goldman Sachs, Boeing, Citigroup and Starbucks, among others.
At the time of writing on Tuesday, Rivian’s (RIVN) shares were trading at a price of $159.25 (+9.92), up 6.64 percent from Monday’s close.
Contributing Writer at TeslaNorth.com from California’s southeast Bay Area. Covers electric vehicles, space exploration, and all things tech. Loves a good cup of coffee, live music and puppies. Buying a Tesla? Click here to get 1,000 free Supercharging miles.