Rivian was the electric-vehicle startup that went public in 2021 with a valuation of about $77 billion.
Founded in 2009 by Robert “RJ” Scaringe, Rivian initially operated under the name Mainstream Motors before adopting its current name in 2011. The company focused on electric adventure vehicles, especially the R1T pickup truck and R1S sport-utility vehicle, rather than beginning with conventional passenger sedans.
Rivian priced its initial public offering at $78 per share and began trading on the Nasdaq on November 10, 2021, under the ticker RIVN. At that price, its fully diluted valuation was reported at more than $77 billion. The IPO produced roughly $13.7 billion in gross proceeds, a separate figure from the company’s valuation.
The valuation drew attention because Rivian had delivered relatively few vehicles at the time. Amazon was a major backer and had ordered electric delivery vans, while Ford was also an early investor. Lucid, another EV startup in the choices, went public in 2021 through a merger with a special-purpose acquisition company rather than this IPO.