Rivian stock falls as EV maker launches 75M share public offering
Published: 11:33 07 Jul 2026 EDT
Rivian Automotive Inc (NASDAQ:RIVN) shares declined on Tuesday after the electric vehicle maker announced a public offering of common stock aimed at raising capital for general corporate purposes.
The company said it has commenced an underwritten public offering of 75 million shares of common stock and expects to grant underwriters a 30-day option to purchase an additional 11.25 million shares. All shares in the offering will be sold by Rivian, with the final size and terms subject to market conditions.
Shares of Rivian were down about 15% following the announcement, as investors reacted to the potential dilution from the new equity issuance.
Rivian said it intends to use the net proceeds from the offering for general corporate purposes, including funding certain equity contributions related to an amended loan arrangement and reimbursement and sponsor support agreement with the U.S. Department of Energy.
Goldman Sachs & Co., Allen & Company, Barclays Capital, J.P. Morgan, Morgan Stanley (NYSE:MS) and Wells Fargo Securities are serving as joint book-running managers for the offering.
Alongside the offering announcement, Rivian provided preliminary second-quarter financial figures. The company estimated revenue for the quarter would be between $1.55 billion and $1.65 billion, ahead of average analyst expectations compiled by LSEG of $1.45 billion.
Rivian also reported an estimated balance of $5.3 billion in cash, cash equivalents and short-term investments at the end of the second quarter, compared with $4.8 billion at the end of the first quarter.
