Electric vehicle manufacturer Rivian Automotive, Inc. intends to sell 75 million shares to raise capital for an equity contribution related to a U.S. Department of Energy loan.

According to a filing submitted by Rivian to the U.S. Securities and Exchange Commission on Monday, Goldman Sachs will lead the stock offering. Based on Monday's closing price of $20.14 per share, the offering is expected to raise approximately $1.5 billion.

The filing indicates the planned use of the proceeds includes fulfilling an equity contribution obligation to the Department of Energy under a revised loan agreement. Rivian had previously renegotiated a $4.5 billion loan with the DOE, with loan drawdowns expected to commence in early 2027.

Rivian's stock fell 7.4% in after-hours trading in New York on Monday to $18.65 per share. As of Monday's close, the stock is up 2.2% year-to-date, with a market capitalization of around $25.4 billion.