---
title: How Rivian customers score on its IPO
description: Rivian has spiked 50%+ on its first 2 trading days and -- at $120B+ -- is now worth more than Ford or GM.
---

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# [How Rivian customers score on its IPO](https://hs-sbup.thehustle.co/news/11122021-rivian-ipo)

 Written by [Trung T. Phan](https://hs-sbup.thehustle.co/news/author/trung-t-phan) | Nov 12, 2021 1:23:37 PM

Buying a new car used to come with awesome perks like the vehicle losing [20%](https://www.carfax.com/blog/car-depreciation) of its value as soon as it left the lot.

Electric truck maker Rivian gave its customers a much cooler perk: shares for one of the hottest IPOs of the year.

#### **Rivian went public on Wednesday…**

…and the company reserved 7% of the IPO allocation for customers that put in preorders for its trucks and SUVs.

These individuals were allocated a max of 175 shares, which totaled $13,650 at the $78 IPO price, per [*CNBC*](https://www.cnbc.com/2021/11/10/rivian-pre-order-customers-made-over-240-million-in-profit-on-ipo-pop.html).

Anyone that took the offer notched an easy 29% gain on its first trading day.

#### **And another 20%+ on the 2nd day**

Rivian — which many believe is the next Tesla — is now at $123 a share (and worth $120B), which is more than some no-name [car manufacturers](https://www.cnbc.com/2021/11/11/shares-of-ev-start-up-rivian-spike-on-second-day-of-trading.html) like Ford ($78B) and GM ($89B).

Don’t cry for Ford, though: It has a [12%](https://www.cnbc.com/2021/11/10/amazon-backed-ev-start-up-rivian-set-to-go-public-.html) stake in Rivian worth ~$14B (second to Amazon, with a 20% stake worth ~$24B).

Rivian isn’t the only startup to reward its stakeholders at IPO:

- **Airbnb** offered [7%](https://www.cnbc.com/2020/12/10/airbnb-hosts-profit-from-ipo-pop-spreading-wealth-beyond-investors.html) of its IPO to hosts
- **Lyft** and **Uber** set [aside](https://www.marketwatch.com/story/meet-the-og-uber-and-lyft-drivers-who-could-cash-in-on-the-ipos-2019-03-01) IPO allocations and bonuses for eligible drivers
- **Doximity **— a Linkedin for physicians — set aside [15%](https://www.cnbc.com/2021/05/28/doximity-files-for-ipo-and-says-doctors-will-get-allocation.html) of its IPO for doctors on the platform

#### **There is one big difference**

Unlike these other examples, Rivian doesn’t have *actual* customers.

It *does* have a 55k+ vehicle order backlog and projects Q3 revenue between $0 (yes, zero) and $1m. The biggest upside for Rivian is Amazon’s commitment to buy 100k of its vans by 2030.

In the near term, customers who bought Rivian’s pre-IPO shares probably aren’t complaining. Also, you can’t “lose 20% driving off the lot” if there’s no car!

[View full post](https://hs-sbup.thehustle.co/news/11122021-rivian-ipo)

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