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Nestled in Rivian’s S-1 IPO filings was a notice that there the EV firm’s “cornerstone buyers” had “indicated an curiosity” in shopping for as much as $5 billion price of its inventory at its IPO worth. A kind of events was Amazon, and the American e-commerce big seems to have pulled the set off Friday afternoon on its purchase.
Per a current Type 4 submitting, Amazon purchased roughly $200 million price of Rivian inventory at its IPO worth of $78 per share. The purchase labored out to 2,564,102 shares in whole, price a hair beneath the goal greenback quantity of a flat 2 hundred million at their buy worth.
Amazon now owns a complete of 158,363,834 shares of Rivian, valued at some $20,579,380,228.3 on the firm’s closing worth of $129.95 per share set this afternoon. As Amazon paid simply $78 per share for its most up-to-date tranche of Rivian inventory, the corporate has already seen upside of greater than $133 million on the acquisition.
In proportion phrases, Amazon’s newest buy of Rivian inventory at its IPO worth works out to only 1.6% of its whole stake within the firm, after its varied pre-IPO holdings and warrants transformed to Class A shares within the firm now that it’s publicly traded. When contemplating its earlier possession, Amazon now owns about 22% of Rivian.
Rivian’s IPO has been a blockbuster occasion, elevating an ocean of capital for the EV firm and boosting its market cap into the stratosphere. Yahoo Finance signifies, for instance, that Rivian is price north of $127 billion at the moment on the shut of the week’s buying and selling cycle.
On condition that Rivian constructed simply 12 vehicles in Q3, the corporate is price round $10 billion per manufactured unit from its final reporting interval. That ratio will fall in coming quarters, however underscores simply how a lot of Rivian’s valuation is based on future outcomes, and never previous efficiency.
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