Rivian Automotive, the electric vehicle maker backed by e-commerce giant Amazon.com and Ford Motor, debuted on the Nasdaq Tuesday.
The Tesla competitor Rivian began trading at $106, up 36% from its offering price of $78 a share. The all-electric truck and SUV maker had filed to offer 135 million shares at between $57 and $62. The stock closed up 29% Wednesday at $100.73.
The company immediately eclipsed other automakers, including General Motors, worth $85 billion, and Ford, worth $79 billion. The last IPO to hit that high was Facebook’s 2012 debut, which reached a peak market cap of $104 billion.
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