Rivian Automotive Inc. is expected to price its initial public offering (IPO) later today, November 9, 2021. Morgan Stanley, Goldman Sachs, and J.P. Morgan currently stand as Rivian’s underwriters for the company’s debut. And based on filings with the Securities and Exchange Commission (SEC), Rivian is looking to enter the public markets in a big way — and it is setting its ambitions very high.
Target Valuation
Rivian has disclosed that it is targeting a valuation above $65 billion in its IPO, with shares priced between $72 and $74. Such a valuation is ambitious, as it would make Rivian’s market cap just a bit lower than veterans such as General Motors ($84.82 billion) and Ford Motor Company ($79.65 billion), the latter being a key investor in the truck maker. Similar to fellow electric vehicle maker Tesla, which currently reached a market cap above of over $1 trillion, Rivian’s valuation target is founded on the idea that the company may see a meteoric rise in the coming years.
If Rivian’s shares end up selling at the top of their marketed range, the company could make history as the seventh-biggest US IPO on record, according to Bloomberg. It would also overtake longtime players in the auto segment, such as Japanese carmakers Honda Motor Co., which has a market cap of $53 billion, and French automaker Renault SA, which is valued at a conservative $11 billion.
The Finances So Far
Rivian’s S-1 filing with the SEC has provided a glimpse of the company’s finances so far. Just as expected, and similar to fellow electric vehicle makers that are just starting out, Rivian is currently burning cash, with heavy investments in R&D and high operating costs. This is likely due to the fact that the company is still learning the ropes when it comes to mass-producing its three vehicle offerings, one of which has an order for 100,000 units from Amazon, the world’s premier e-commerce site.
Rivian currently employs over 8,000 people across multiple facilities in Arizona, California, Michigan, Illinois, Vancouver, Canada, and the UK. And as the company approached the production of the R1T pickup truck and R1S SUV, its losses grew. Rivian posted a net loss of $994 million from January to June 2021, more than double the $377 million net loss it posted for the first half of 2020. Rivian’s R&D expenses are also on the rise, with the company spending $683 million in Q1 and Q2 2021. In comparison, its R&D cost for 2020 stood at $766 million. Despite this, Rivian still has about $3.6 billion in cash on its balance sheet.
What Analysts are Saying
Rivian is quite unique among EV startups today because its already has a sure customer in Amazon, which has ordered 100,000 units of an all-electric delivery van. That being said, New Street Research analyst Pierre Ferragu stated in a note on Monday that Rivian may end up facing a “natural ceiling” of 300,000 to 400,000 units per year, partly due to the price range of its consumer vehicles, the R1T pickup truck and the R1S SUV. The R1T currently starts at $67,500 for its base model, while the R1S starts at $70,000.
“Above $70,000, the global addressable market for Rivian’s SUV and pickup is less than 1.5 million units, and it will be a crowded space,” Ferragu wrote.
Ivan Drury, a senior analyst at Edmunds, highlighted that Rivian may face an uphill climb when ramping its first vehicles, especially considering that the chip crisis is still ongoing. “It’s difficult enough for established automakers, let alone a new one. Couple that with this new issue the entire industry is dealing with, the chip crisis, that just adds another layer of complexity,” Drury noted.
Rivian’s Production Plans
Recent reports have noted that Rivian is currently focusing its resources on delivering the first batch of its Amazon delivery vans. This makes sense considering the volume of orders it has received from the e-commerce giant, but this strategy could also result in the R1T and R1S being ramped at a more deliberate pace. So far, Rivian has noted that it has received just over 55,000 pre-orders for the R1T and R1S. And since starting deliveries of the R1T, the company has only delivered 156 units of the all-electric pickup truck, “nearly all” of them to Rivian employees.
Rivian’s SEC filing has provided a bit more detail about the R1T and R1S’ rather deliberate ramp. According to the document, the company expects to fill its pre-order backlog of approximately 55,400 R1 vehicles by the end of 2023. Previous reports also note that Rivian is expected to deliver the first 10,000 units of its Amazon delivery vans by the end of 2022, with the entire 100,000-unit order being completed by the end of the decade.
Legal Challenges to Date
Similar to other automakers, Rivian is also involved in some legal challenges. Among the more notable ones involve fellow EV maker Tesla, which has filed a suit against Rivian last year over the alleged theft of intellectual property related to recruitment, bonus and compensation plans for sales personnel, and manufacturing project management systems. A later lawsuit from Tesla also alleged that the truck maker was acquiring core technology related to its upcoming 4680 cells, which was deemed by the Silicon Valley-based company as the “most essential element for any electric vehicle.”
More recently, Laura Schwab, who was the first female President in luxury automaker Aston Martin’s history, also filed a suit against Rivian over alleged gender discrimination. Schwab served as Rivian’s Vice President of Sales and Marketing during her tenure with the company. But according to the former Rivian executive, she was routinely excluded from meetings despite her experience in the auto industry, and her warnings about the R1T and R1S’ pricing and public targets were largely ignored. Finally, Schwab noted that she was terminated by Rivian just before it went public, which effectively made her lose “millions of dollars in unvested equity on the eve of the company’s IPO.”
Conclusion
With electric vehicle maker Tesla joining the trillion-dollar club, numerous investors are now looking towards the “next Tesla.” And while not all EV startups have succeeded — hydrogen truck company Nikola is a good cautionary tale — companies like Rivian and Lucid Motors do seem to have the makings of a legitimate, and potentially profitable long-term business. This was something highlighted by Pitchbook senior mobility analyst Asad Hussain, who noted that “Rivian’s premium market valuation reflects its ownership of the entire value chain and freedom to innovate without dealing with stranded assets. Between Rivian and Lucid, the market finally has credible candidates for ‘the next Tesla.”
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Tesla removes Model S and X custom orders as sunset officially begins
In a significant development that marks the beginning of the end for two of its longest-running models, Tesla has removed the custom order configurator for the Model S sedan and Model X SUV from its website.
Tesla has officially started the “honorable discharge” of the Model S and Model X with a massive move, removing the two vehicles from Custom Orders and only offering inventory options.
It is the latest move Tesla has made to pull the Model S and Model X from its lineup, a decision CEO Elon Musk announced during its last quarterly earnings call.
Tesla brings closure to flagship ‘sentimental’ models, Musk confirms
In a significant development that marks the beginning of the end for two of its longest-running models, Tesla has removed the custom order configurator for the Model S sedan and Model X SUV from its website.
As of April 1, visitors to tesla.com/model-s and tesla.com/modelx are now redirected exclusively to limited inventory listings rather than a design studio, allowing buyers to select paint, wheels, interior options, or performance upgrades. Only pre-built vehicles currently in stock are available for purchase or lease.
Tesla CEO Elon Musk confirmed the change directly on X, posting: “Custom orders of the Tesla Model S & X have come to an end. All that’s left are some in inventory.”
Custom orders of the Tesla Model S & X have come to an end. All that’s left are some in inventory.
We will have an official ceremony to mark the ending of an era. I love those cars.
This was me at production launch 14 years ago: pic.twitter.com/6kvCf9HTHc
— Elon Musk (@elonmusk) April 1, 2026
We will have an official ceremony to mark the end of an era.” Accompanying the statement was a throwback photo from the Model S production launch in 2012, underscoring the emotional weight of the decision.
Musk had first signaled the phase-out during the company’s Q4 2025 earnings call in January, describing it as time for an “honorable discharge” of the programs to free up resources at the Fremont factory for Optimus humanoid robot production and autonomous vehicle initiatives.
The Model S, introduced in 2012, and the Model X, which followed in 2015, were instrumental in establishing Tesla as a premium electric vehicle leader.
The sedan offered class-leading range and acceleration, while the SUV’s signature falcon-wing doors became an iconic feature. Together, they proved EVs could compete in the luxury segment. Yet sales volumes have dwindled in recent years as Tesla prioritized higher-volume Model 3 and Model Y vehicles.
The flagships now represent a tiny fraction of overall deliveries, making continued custom production inefficient as the company accelerates toward robotaxis and next-generation platforms.
Prospective buyers are urged to act quickly. Remaining U.S. inventory vehicles—some nearly new—may include incentives such as lifetime free Supercharging, Full Self-Driving (Supervised) capability, and premium connectivity, depending on configuration.
Leasing options start around $1,699 per month for select Model X units, though exact pricing and availability fluctuate. International markets, including Europe and China, have already seen similar restrictions in recent months.
The move aligns with Tesla’s broader strategy to streamline its lineup and redirect manufacturing capacity toward autonomy and AI-driven products. While some enthusiasts lament the loss of personalization, the company views the transition as necessary progress.
Tesla has indicated that once the current inventory sells out, new Model S and Model X vehicles will no longer be offered.
For loyal owners and fans, the promised “official ceremony” may provide a fitting send-off. In the meantime, the website change serves as a clear signal: the era of bespoke flagship Teslas has quietly concluded, and the focus has fully shifted to the future.
Elon Musk
SpaceX files confidentially for IPO that will rewrite the record books
SpaceX files confidentially for a record-breaking IPO targeting a $1.75T valuation and $80B raise, driven by Starlink growth and its xAI merger.
Elon Musk’s rocket and satellite company submitted its draft registration to the U.S. Securities and Exchange Commission today for an initial public offering, targeting June at a $1.75 trillion valuation. This would be the largest in history.
SpaceX has filed confidentially with the SEC, first reported by Bloomberg. SpaceX would be valued above every S&P 500 company except Nvidia, Apple, Alphabet, Microsoft, and Amazon.
The filing uses a confidential process that allows companies to work through SEC disclosures privately before initiating a public roadshow. With a June target, official details through a formal prospectus is expected to go public in April or early May, after which SpaceX must wait at least 15 days before beginning investor marketing.
While SpaceX is best known for its Falcon 9 and Starship rockets, the $1.75 trillion valuation is anchored by Starlink, its satellite internet service. Starlink ended 2025 with 9.2 million subscribers and over $10 billion in revenue, which is a figure analysts project could reach a staggering $24 billion by the end of 2026. A February all-stock merger with xAI, Musk’s artificial intelligence venture, further boosted the valuation.
SpaceX officially acquires xAI, merging rockets with AI expertise
Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley are lined up as senior underwriters. SpaceX is also considering a dual-class share structure to preserve insider voting control, and plans to allocate up to 30% of shares to retail investors, which is roughly three times the typical norm.
Elon Musk
Elon Musk hints at “official ceremony” with throwback photo to close Tesla Model S, Model X chapter
Elon Musk promises an official ceremony to mark the end of Tesla Model S and Model X production.
Tesla has officially begun winding down production of the Model S and Model X, sending farewell emails to U.S. customers on March 27 and updating the website to reflect the end of the line. Shoppers visiting Tesla.com now find only a limited set of Model S and Model X inventory units available for purchase, with no option to configure a new factory build. The move formalizes what CEO Elon Musk announced on the company’s Q4 2025 earnings call in January, when he said it was “time to basically bring the Model S and X programs to an end with an honorable discharge.”
Musk posted on X a throwback photo of himself speaking at the Model S production launch in 2012, and noting “We will have an official ceremony to mark the ending of an era. I love those cars.”
The mention of an official ceremony is notable. Tesla has not held a formal farewell event for a vehicle before, and Musk’s wording suggests this will be something deliberate rather than a quiet line shutdown. Given that Musk’s X post shows a photo of him on stage with a microphone in front of an audience at the Fremont factory, it wouldn’t be too far-fetched to expect a closing ceremony to take place at the same location. Perhaps? Whether it becomes a public event, a private gathering for employees, or a livestreamed moment on X remains to be seen.
Custom orders of the Tesla Model S & X have come to an end. All that’s left are some in inventory.
We will have an official ceremony to mark the ending of an era. I love those cars.
This was me at production launch 14 years ago: pic.twitter.com/6kvCf9HTHc
— Elon Musk (@elonmusk) April 1, 2026
The Model S first went on sale nearly fifteen years ago and was Tesla’s first fully in-house designed vehicle, proving that an electric car could be fast, desirable, and capable of long distance on a single charge. The Model X followed in 2015, turning heads with its unmistakable and distinctive falcon-wing doors, while becoming one of the first all-electric SUVs on the market. Tesla’s two flagship vehicles would ultimately push legacy automakers to take all-electric transportation seriously and help fund development of the more affordable Model 3 and Model Y.
By 2025, however, both models had been reduced to a rounding error in Tesla’s sales figures. Musk was direct about what comes next, stating “We are going to convert that production space to an Optimus factory. It’s part of our overall shift to an autonomous future.”
Elon Musk’s $10 Trillion robot: Inside Tesla’s push to mass produce Optimus
That shift is already underway. Tesla officially started Optimus Gen 3 production at its Fremont factory in January 2026, with the line targeting a run rate of one million units per year. The Gen 3 robot features 22 degrees of freedom per hand, runs on Tesla’s AI5 chip, and shares the same neural network architecture as Full Self-Driving. A dedicated Optimus factory at Gigafactory Texas is also under construction, with a planned annual capacity of 10 million units. The production lines that once built the Model S and Model X are being converted to support that ramp.
Tesla confirmed it will continue to support existing owners with service, software updates, and parts for as long as people own the vehicles. For buyers still interested in a new example, remaining U.S. inventory is discounted and the window is closing fast.
Tesla removes Model S and X custom orders as sunset officially begins
SpaceX files confidentially for IPO that will rewrite the record books
Elon Musk hints at “official ceremony” with throwback photo to close Tesla Model S, Model X chapter
Elon Musk says Tesla is developing a new vehicle: ‘Way cooler than a minivan’
Elon Musk launches TERAFAB: The $25B Tesla-SpaceXAI chip factory that will rewire the AI industry
