Rivian plans to sell 75 million shares at $20.14 each, aiming to raise $1.51 billion for corporate purposes and debt arrangements.
Rivian Automotive’s stock dropped over 10% in premarket trading Tuesday following its announcement of a $1.51 billion share sale. The company will offer 75 million Class A shares at Monday’s closing price of $20.14, with proceeds earmarked for general corporate use and equity contributions tied to a U.S. Department of Energy loan amendment.
The offering includes a 30-day option for underwriters to purchase up to 11.25 million additional shares, potentially raising gross proceeds to $1.74 billion. Rivian’s stock had surged 19% over the prior week, driven by strong Q2 delivery results and investor interest in its new R2 SUV line.
Concurrently, Rivian released preliminary Q2 revenue guidance of $1.55 billion to $1.65 billion, up from $1.30 billion in the same period last year. The company attributed the increase to higher vehicle deliveries.