Rivian Automotive shares ended the day up 29% in their debut Wednesday, giving the Amazon and Ford-backed electric vehicle start-up a market valuation of $86 billion after one of the biggest IPOs this year.
Shares of Rivian originally priced at $78 a piece Tuesday night, but popped more than 50% Wednesday when it opened at $106.75 per share, before paring some of those gains later in the afternoon.
At its opening price, Rivian had an implied valuation of $91 billion. That puts Rivian past the market cap of Ford ($77 billion) and on par with General Motors ($86 billion). It’s still worth a fraction of electric vehicle pioneer Tesla, which has a market cap of more than $1 trillion.