On July 8, Rivian Automotive declined 5.85% in regular trading, trading around $15.73 per share with turnover of $3.48 billion, extending heavy losses from the prior session.

On the news front, the company completed the pricing of its 75 million common share offering at $15.50 per share, generating total gross proceeds of approximately $1.2 billion. The offering price represents a significant discount to the previous trading day's closing price, further intensifying market concerns over shareholder dilution. Underwriters were also granted a 30-day overallotment option to purchase up to an additional 11.3 million shares. Net proceeds will be used to fulfill equity contribution obligations related to the U.S. Department of Energy's revised $4.5 billion loan agreement, with drawdowns expected to begin in early next year.

Rivian had already plunged nearly 15% in the prior session when the offering was initially announced — its largest single-day drop since November 2024. Despite the company simultaneously disclosing preliminary Q2 revenue of $1.55 billion to $1.65 billion, well above the analyst consensus of $1.46 billion, selling pressure from dilution fears has continued to dominate market sentiment following the pricing confirmation.

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