On July 7, Rivian Automotive declined 11.92% in regular trading, trading at $17.605/share, with turnover of $332 million, marking its largest single-day drop since November 2024.

On the news front, the company announced a public offering of 75 million shares of Class A common stock, with an additional 30-day overallotment option granting underwriters the right to purchase up to 11.3 million additional shares. Based on the prior closing price of $20.14, the offering is expected to raise approximately $1.5 billion. Net proceeds will be used to fulfill equity contribution obligations under a revised $4.5 billion loan agreement with the U.S. Department of Energy, with loan drawdowns expected to begin in early 2027.

Despite the company simultaneously disclosing preliminary Q2 revenue of $1.55 billion to $1.65 billion, significantly exceeding analyst expectations of $1.46 billion, and having recently raised its full-year delivery guidance to 65,000–70,000 vehicles, the large-scale share issuance and resulting equity dilution pressure completely dominated market sentiment, triggering concentrated selling.

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