Rivian to sell 75 million shares, raising $1.5B to fund DOE loan contributions

Electric-vehicle maker Rivian Automotive announced plans to sell 75 million shares in a secondary offering, aiming to raise approximately $1.5 billion at the July 6 closing price of $20.14 per share. The proceeds will fund equity contributions tied to its amended $4.5 billion loan agreement with the U.S. Department of Energy, with Rivian expected to begin drawing on the loan in early 2027. Goldman Sachs Group is leading the share sale, according to a July 6 filing with the U.S. Securities and Exchange Commission.

The announcement triggered a sharp selloff, with Rivian’s stock plunging more than 14% intraday on July 7—the steepest single-day drop since November 2024. Despite the decline, the company’s shares are up 2.2% year-to-date, valuing it at roughly $25.4 billion. The offering comes as Rivian capitalizes on a recent stock rally, fueled by strong second-quarter delivery numbers and anticipation around its lower-cost R2 SUV lineup, seen as critical to its path to profitability.

Rivian delivered 12,194 vehicles in Q2, surpassing Wall Street’s estimate of 10,600, while producing 12,613 units. The company also raised its full-year guidance, now targeting 65,000 to 70,000 vehicle deliveries in 2026, exceeding analyst expectations. Revenue for the quarter is projected at $1.55 billion to $1.65 billion, ahead of the $1.44 billion average forecast.

This move follows a challenging period marked by rising costs, supply chain disruptions, and sluggish EV demand, prompting Rivian to implement cost-cutting measures such as layoffs. Strategic partnerships have provided critical funding: Volkswagen Group, now Rivian’s largest shareholder, plans to invest up to $5.8 billion over several years, having already contributed $3 billion through a joint venture. Additionally, Uber Technologies committed up to $1.25 billion by 2031 to support robotaxi deployments.

The share offering is slated to price after New York market close on July 7, 2026, according to terms reviewed by Bloomberg News.