Rivian Shares Surge in Largest U.S. IPO Since 2014

Rivian Automotive Inc. made its debut on the public markets Wednesday, scoring a valuation that instantly made it a rival of traditional car makers and the latest beneficiary of investors’ fervor for greener auto technologies.

The California-based startup, founded in 2009 by a Massachusetts Institute of Technology graduate, closed at $100.73 a share, well above the $78 initial offering price set Tuesday night. The closing price gave Rivian a valuation of roughly $86 billion, based on the expected number of shares outstanding. On a fully diluted basis, the company’s valuation was more than $100 billion.