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EV maker Rivian’s value leapfrogged Ford’s after its $11.9B IPO

Rivian Automotive Inc.’s valuation soared to $86 billion in its first day of trading Wednesday, making it one of the most valuable car companies in the world. The Irvine-based Tesla rival (Nasdaq:RIVN), which has a software development and engineering office in Palo Alto, raised $11.9 billion in the seventh biggest U.S. initial public offering of all time. It’s market capitalization is also roughly on par with General Motors Co. (NYSE:GM), which is worth about $86 billion, and bigger than that of Ford Motor Co. (NYSE:F), which is worth about $77 billion.

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