Rivian Sells 75M Shares for ~$1.5B; Stock Drops 15%
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- Rivian launched an underwritten public offering of 75 million shares, targeting approximately $1.5 billion in proceeds earmarked for its R2 vehicle program.
- Rivian (RIVN) shares fell nearly 15% as the dilution from the offering overshadowed an upbeat revenue forecast, according to CNBC and Reuters.
Why it matters: Rivian explicitly tied the ~$1.5B raise to R2 development — meaning shareholders are funding a future product, not plugging a current hole. The near-15% selloff nonetheless shows the market is pricing in dilution over the optimistic revenue outlook Rivian had just put forward.
