'Next Tesla' tag takes Rivian to $90-billion value without sales

Rivian Automotive reached a market value of $90 billion two days after its initial public offering, drawing comparisons to Tesla. 

But there are stark differences: When Tesla went public in 2010, the Elon Musk-led firm disclosed $93 million in revenue and losses far below the $1 billion Rivian reported for the first half. What’s more, Tesla’s initial market capitalization was about $2 billion and didn’t reach $90 billion until 2020.  

Eleven years later, Rivian is the world’s fifth-largest automaker by market cap having delivered only a few electric vehicles to customers. After gaining 29 per cent in their first day of trading,