Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
CFD
Stock CFD Derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Korean Stocks
SK Hynix
Real Korean stocks and top assets
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
3.8%
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
IPO Access
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
Why Rivian Stock Plunged Today
Shares of** Rivian Automotive **(RIVN 18.12%) reversed course on Tuesday after the electric vehicle (EV) manufacturer announced a sizable capital raise.
Image source: Getty Images.
Deliveries are rising, but so are production costs
On Thursday, Rivian announced that it delivered 12,194 vehicles in the second quarter, handily exceeding its guidance of 9,000 to 11,000 deliveries. Strong sales of the company's pickup trucks and delivery vans contributed to the outperformance.
The results prompted the automaker to boost its full-year deliveries goal to 65,000 to 70,000, up from a prior forecast of 62,000 to 67,000.
Unsurprisingly, the news drove investors to bid up the EV maker's shares.
Expand
NASDAQ: RIVN
Rivian Automotive
Today's Change
(-18.12%) $-3.65
Current Price
$16.49
Key Data Points
Market Cap
$25BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Day's Range
$16.38 - $18.09
52wk Range
$11.57 - $22.69
Volume
91.2M
Avg Vol
30.8M
Gross Margin
-441.39%
Yesterday, however, Rivian said it would sell 75 million shares of its stock to raise cash. The company also granted underwriters a 30-day option to purchase an additional 11.25 million shares.
Based on current prices, the share offering could raise more than $1.4 billion. Rivian plans to use the proceeds to fund its growth initiatives and equity contributions related to a loan from the U.S. Department of Energy.
Disdain for dilution drove investors to sell
Rivian's share sale reminded investors that it's still a long way from achieving sustained profitability. And even when the EV upstart performs well, as it did when it raised its full-year vehicle delivery target on July 2, the good news is often followed by stock offerings that can halt and even reverse its share price gains.
That can be frustrating for all but the most patient investors. Many shareholders, in turn, decided to sell today.