Rivian Automotive plc said it would raise roughly $1. 51 billion through a public offering of 75 million shares of Class A common stock, based on Monday’s close of $20. 14 per share.
The move comes after Rivian pre-released second‑quarter results, in which the company projected revenue between $1. 55 billion and $1. 65 billion for the period.
Tuesday’s trading saw Rivian’s shares drop about 18%, marking the stock’s worst day since 2024 and the fifth worst day on record, as investors digested the capital raise and its timing alongside the company’s development plans. The offering was announced after extended hours trading, during which Rivian shares had risen about 8. 1% on Monday and climbed 19% the previous week.
Rivian said the proceeds would be used to fund equity contributions as part of a loan agreement with the U. S. Department of Energy.
In the filing, the company also said underwriters could purchase up to 11. 25 million additional shares within 30 days. The capital raise accompanies Rivian’s plan to suspend its 2027 profitability target amid expectations of higher research and development spending for autonomy and next‑generation vehicle technologies.
Separately, Rivian is pushing ahead with the launch of its new R2 midsize SUV, a product the company hopes will help bring profitability later in the decade.
