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Have to wonder why a very well funded company would plan to IPO before they've delivered a single product. Almost like they are betting against themselves.

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It seems in this space actually delivering something takes out the magic and reduces valuation. Remember Magic Leap? Much better to push vaporware and cash out.

Or solar-freaking-roadways.

Who IPOed that idea?

Or they need the money to speed up the development. In some sense taking any investment is like betting against yourself.

It’s Other People’s Money making the bet. The worst that happens is Rivian fails and post-IPO equity investors lose everything. Founders, early investors, others getting liquid took money off the table (presumably).

You’re not losing or betting against yourself if you got liquid and someone else is holding the bags.

current investors get a markup, leadership cashes out. if they can do it and market is frothy, derisks and may be years/never they could do it again, esp at these levels

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