Rivian will trade Thursday on the Nasdaq stock exchange after its initial public offering valued the startup at nearly $70 billion.
Rivian’s IPO comes as President Donald Trump works to build a wall on the U.S.-Mexico border, and as state-level cannabis legalization is sweeping the country. The stock will be worth about $4.4 billion when it begins trading. The list of investors who poured money into Rivian includes Berkshire Hathaway, California hedge fund Acreage Management and BlackRock.
The Rivian vehicles, which are built in Kansas, promise to burn as little fuel as possible. Company founder Marc Cannon, the company’s co-chief executive officer, previously helped found electric car maker Fisker Automotive, which was later bought out by China’s Wanxiang Group, which also holds an inauspicious history of producing unsafe cars.
The Rivian ride-sharing concept would be one of many that combine Silicon Valley innovation with early-stage government support. The California DMV approved Rivian’s application for a driverless vehicle in August.