Rivian IPO Officially One of the Biggest Debuts of 2021

Shares of electric vehicle start-up Rivian Automotive RIVN closed its first day of trading up 29%. The stock began trading at $106.75 per share on the Nasdaq, well above the $78 level the shares were originally priced at. Rivian now has a market valuation of $86 billion (after an implied valuation of $91 billion at the open), making it worth more than auto giant Ford F and on par with General Motors GM.

Founded in 2009, Rivian notably beat Tesla TSLA to market with a fully electric pickup truck called the R1T, and it has plans to launch a seven-passenger electric SUV called the R1S in December. The company also counts Amazon AMZN and Ford as some of its major backers; Amazon’s 20% stake is now worth about $17 billion, while Ford’s 12% stake equates to more than $10 billion.

However, Rivian has yet to generate any real revenue. It said in its IPO prospectus that it will lose up to $1.28 billion in the third quarter, and revenue will only range from $0 to $1 million. The global chip shortage and port constraints will likely negatively impact Rivian and its ability to produce high volumes of its vehicle fleet as well.

Infrastructure Stock Boom to Sweep America

A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.

The only question is “Will you get into the right stocks early when their growth potential is greatest?”

Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.