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A 75-million-share capital raise sent Rivian stock down nearly 15% in extended hours trading, arriving at exactly the moment the momentum case looked strongest.
The offering followed an 8.1% gain on Monday and a 19.2% surge the prior week. Existing shareholders absorbed the dilution in after-hours, giving back most of what the preceding rally had built.
The dilution math Rivian's timing illustrates a recurring tension in growth equity: the right moment to raise capital is when the stock is up, which is also the hardest moment for existing holders to absorb new supply.
Seventy-five million additional shares entering the float after a nearly 20% weekly run left little cushion against the reset.
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