Rivian's IPO turns four: What's next for the one-time Wall Street darling?

[Rivian HQ in Irvine]
JasonDoiy

The upcoming week marks the four-year anniversary of Rivian Automotive's (RIVN [https://seekingalpha.com/symbol/RIVN]) IPO and its first week share price boom.

The electric vehicle maker went public at an initial price of $78 per share after selling 153 million shares to raise about $12 billion. The IPO valued Rivian at over $100 billion on its debut, which momentarily positioned the company ahead of General Motors (GN) and Ford Motor (F [https://seekingalpha.com/symbol/F]) as the second most valuable U.S. automaker.​

Rivian (RIVN [https://seekingalpha.com/symbol/RIVN]) shares soared over 50% on the first day to top out at $170 but quickly reversed those gains over the next few years as enthusiasm cooled amid investor concerns about supply chain issues, elevated interest rates, and the loss of EV subsidies. Facing a less certain future, Rivian (RIVN [https://seekingalpha.com/symbol/RIVN]) has not traded over $18 per share in 2025, and the short interest position on the stock remains high.

Amazon (AMZN [https://seekingalpha.com/symbol/AMZN]) was an early backer of Rivian (RIVN [https://seekingalpha.com/symbol/RIVN]) and is still the largest single shareholder, with a stake of about 13.3%. Meanwhile, Volkswagen AG (OTCPK:VLKAF [https://seekingalpha.com/symbol/VLKAF]), Baillie Gifford, and BlackRock (BLK [https://seekingalpha.com/symbol/BLK]) are other notable investors.

Last week, Rivian (RIVN [https://seekingalpha.com/symbol/RIVN]) soared after the company issued its third-quarter earnings report, erasing more than a month of losses after a narrower-than-expected quarterly loss was reported on revenue that doubled year over year. The improved profitability prompted Rivian (RIVN [https://seekingalpha.com/symbol/RIVN]) to raise its adjusted EBITDA guidance above consensus expectations.

"Rivian benefited from the pull-forward in EV demand following the shutoff of the $7,500 EV tax credit, while its software and services segment remains another source of growth," said Wedbush analyst Dan Ives.

Rivian's (RIVN [https://seekingalpha.com/symbol/RIVN]) plans for 2026 center on launching its new, more affordable R2 midsize SUV, upgrading its existing R1 lineup, advancing autonomy features, and strategically expanding both in the U.S. and Europe. The company is also looking to create cost efficiencies as it prepares for scaled production. Underpinning the company's future is the critical $5.8 billion software and technology partnership with Volkswagen (OTCPK:VLKAF [https://seekingalpha.com/symbol/VLKAF]) and fresh equity infusions to help support next-generation EV development and global expansion.

Wall Street analysts and Seeking Alpha analysts both have a Hold rating on Rivian Automotive (RIVN [https://seekingalpha.com/symbol/RIVN]).

MORE ON RIVIAN

* Rivian: Tesla-Like Rocket Or Fisker-Like Sinking Boat? I Like Their Story [https://seekingalpha.com/article/4840253-rivian-tesla-like-rocket-or-fisker-like-sinking-boat-i-like-their-story]
* Rivian: Time To Thrive [https://seekingalpha.com/article/4840041-rivian-q3-earnings-time-to-thrive]
* Rivian: A Brand That Is Staying Top Of Mind Ahead Of R2 Launch [https://seekingalpha.com/article/4838036-rivian-stock-q3-staying-top-of-mind-ahead-of-r2-launch]
* Rivian rallies on Q3 results, upbeat EBITDA outlook [https://seekingalpha.com/news/4516539-rivian-rallies-on-q3-results-upbeat-ebitda-outlook]
* Rivian reaffirms 2025 delivery guidance of 41,500–43,500 units amid strong R2 momentum [https://seekingalpha.com/news/4515326-rivian-reaffirms-2025-delivery-guidance-of-41500-43500-units-amid-strong-r2-momentum]