Rivian went public on November 10, 2021, at $78 per share (153 million shares), raised $12b, and traded under the stock symbol RIVN. Source.
The company's shares closed trading on Nov. 12, 2021, at a price of $129.95, giving the company a market valuation of $127.3 billion, more than even Ford Motor Company, one of its financial backers.
However, due to numerous failures at fulfilling shipping orders, Rivian has lost billions and the stock now trades at just above $17 per share.
Established in California in 2009, Rivian was founded by Robert J. Scaringe, an alumnus of the Massachusetts Institute of Technology (MIT). Serving in dual roles, Scaringe leads the company as its CEO and chairs its board of directors.
Popularly known as "R.J." within industry circles, Scaringe shared insights into his lifelong fascination with automobiles in a letter appended to the company's IPO prospectus. Scaringe initially launched Rivian, intending to create an energy-efficient sports car. However, by 2012, he and his team at Rivian realized that their original strategy wouldn't fulfill their objectives, prompting a pivot in their approach.
Subsequently, Rivian underwent a strategic makeover, shifting its focus to producing trucks, SUVs, and crossovers, catering to different automotive market segments. In parallel, Rivian entered into a strategic partnership with the e-commerce behemoth, Amazon.com Inc. (AMZN), to create delivery vans and establish a fleet management platform.
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