Rivian Automotive, the electric vehicle maker backed by Amazon and Ford, priced its IPO on Tuesday at $78 a share. The deal values at $66.5 billion.Should underwriters exercise their full purchase option, the company will have a market cap of over $68 billion. The stock will trade on the Nasdaq under ticker symbol RIVN. said it expects the IPO to bring in $11.9 billion.
Rivian increased the expected price range to between $72 and $74 from a previous range of $57 to $62. At its $78 offer price, Rivian is already worth almost as much as Ford ($79 billion) and General Motors ($85 billion). That’s all before the company has even started generating real revenue.
Lucid Motors is worth $72.5 billion even though the company just began production of its first cars. Nikola’s market cap was higher than Ford’s at one point last year, despite the company having no revenue. It’s now worth less than $6 billion, after a short-selling firm accused the company of making “an Ocean of Lies.”