Electric vehicle maker Rivian, which some investors are hoping to be the next Tesla, went public on Wednesday with a valuation of $ 90 billion, with shares rising 29% as they started trading America’s largest IPO since Facebook started in 2012.
Rivian stock, which trades on the Nasdaq under the ticker RIVN, opened at around $ 106 per share, up 36% from its initial IPO price of $ 78 per share.
Within minutes of trading, the stock rose as high as $ 116 per share, up more than 50% from its initial IPO price – before slashing profits and at just over $ 100 per share the day finished.
While the company’s pricing resulted in an initial valuation of $ 66.5 billion, the stock’s rise means the electric vehicle company is now worth more than $ 90 billion.
Rivian raised $ 11.9 billion from a 153 million stock offering on its public market debut – making it the largest IPO since 2012, when Facebook went public and raised $ 16 billion.
The electric vehicle manufacturer is supported by Amazon with a 20% stake and Ford with 12% of the company.
Some investors are betting that Rivan could be the next Tesla: Rivian was the first to launch an all-electric pickup truck, the R1T, and plans to launch its R1S electric SUV this December.
In addition to electric pickups and SUVs, Rivian is also expanding into commercial vehicles: Amazon is the largest customer and has already ordered 100,000 electric delivery vans from Rivian.