THE MONEY: Startup electric vehicle builder, with over $25B in funding since 2009, most of it in the past five years. Rivian’s eagerly awaited IPO in late 2021 was the largest in years for a U.S. company. Valuation soared above $120B after IPO and made it, by far, OC’s most valuable public company for a time. Market cap has since fallen to nearly $16B as of mid-July and is currently OC’s third largest public company. Rivian has more than doubled annual revenue over past two years to $5B in 2024, up from $1.7B in 2022. Analysts projecting 5% growth to $5.2B this year and then exploding by another 40% to $7.3B in 2026 as new production comes online.
UPCOMING LINEUP: EV manufacturer in 2024 unveiled its mid-size lineup of three new models, the R2, R3 and R3X. R2 prototypes spotted in OC as test drives began in June ahead of 2026 production.
NEWEST INVESTOR: Secured $5.8B investment from Volkswagen Group as part of joint venture formed in 2024. Rivian achieved gross profit milestone in Q1 2025, unlocking another $1B from Volkswagen (VW) in exchange for $750M of Class A common stock; this grew the German automaker’s stake to 12.3% in June. With more installments on the way, VW could become Rivian’s largest shareholder.
SPINOFF: Minority shareholder in micromobility venture Also Inc., a spinoff revealed in March 2025 where RJ Scaringe is chairman; started off as “a stealth program” within Rivian. Plans to provide smaller, lightweight EVs such as scooters and bicycles; flagship product to launch in early 2026. Recent funding round marked $1B valuation for Also; if valuation holds, could be Scaringe’s second unicorn.
THE NUMBERS: Scaringe, 42, has 2% stake worth $320M. While only has 1.3% stake of Class A shares, owns 100% of Class B shares.
POTENTIAL PAYOUT: Stock options he’s due if the company meets certain performance goals could push his wealth close to $14B, but those options can’t be exercised until 2030, according to a 2021 Bloomberg report.
THE VALUATION: Rivian shares down almost 20% in past year. We estimate his wealth has fallen 15%.
IN HIS WORDS: “For the world to fully transition to electrified transportation, a range of vehicle types and form factors will be needed.”
