Shares of Rivian Automotive soared more than 26% on Wednesday, after the electric vehicle start-up made its market debut in one of the biggest IPOs this year.
Rivian priced its shares at $78 a piece Tuesday night, above its range of $72 and $74. The stock began trading at $106.75 per share, giving the company a market valuation of $91 billion. At that level, Rivian is already worth more than traditional auto makers Ford ($77 billion) and General Motors ($87 billion).
The stock trades on the Nasdaq under the symbol RIVN.
Rivian, which is backed by Amazon and Ford, has attracted intense interest from investors looking to capitalize on the fast-growing EV market. But the company has yet to establish a business model and expects no more than $1 million in revenue for the third quarter…read more.