New York, Feb 13, 2026, 10:57 (EST) — Regular session
- Rivian jumped roughly 22% in early trading, fueled by stronger-than-expected delivery guidance and a solid earnings beat.
- Rivian is counting on its cheaper R2 SUV to spark growth, with the EV market shifting its focus to affordability.
- Investors juggle a heftier spending plan and persistent losses, but gross profit is looking better.
Rivian Automotive surged roughly 22% to $17.03 Friday, briefly hitting $17.89 earlier. By 10:42 a.m. EST, shares were still up 21.6% and trading volume had crossed 50 million.
Rivian’s push comes after the end of the U.S. $7,500 EV credit and shifting policy winds in Washington dampened demand—the company is banking on a lower-priced model to turn things around. Ford and General Motors, on their part, are sticking with budget EVs, while Piper Sandler analysts called the R2 SUV’s timely launch “nothing matters more.” If these gains hold, Rivian could tack on over $3 billion in market cap—this, after the stock dropped roughly 29% year-to-date through Thursday’s close. 1
Rivian shares surged more than 15% in after-hours trading Thursday, after the company reported an adjusted loss per share of 54 cents—better than analysts had expected—and projected it would deliver between 62,000 and 67,000 vehicles in 2026. The R2, a compact SUV with a $45,000 starting price that lines up with Tesla’s Model Y, is slated for launch in the second quarter. “The growth is really … what we see in R2,” CEO RJ Scaringe said. Capital spending for 2026 is set at $1.95 billion to $2.05 billion. Rivian finished December holding $3.58 billion in cash and cash equivalents, and anticipates $2 billion this year from a technology joint venture with Volkswagen. Scaringe noted the possibility of raising additional capital. 2
Rivian’s latest filing put fourth-quarter revenue at $1.286 billion, with consolidated gross profit hitting $120 million. For the full year, gross profit flipped positive to $144 million after last year’s $1.2 billion loss in 2024. Net loss to common stockholders came in at $811 million for the quarter. Automotive revenue slipped to $839 million, while software and services climbed to $447 million. The company sees adjusted EBITDA losses ranging between $1.8 billion and $2.1 billion for 2026. 3
Rivian’s latest shareholder letter puts a $2,500 sticker on its Autonomy+ driver-assist subscription for a one-time buy, or $49.99 per month for those opting in that way—part of a bigger push to monetize software as manufacturing scales up. The launch R2, with dual motors and all-wheel drive, is targeting more than 300 miles on a charge and 0-60 mph in 3.6 seconds. As for Amazon, Rivian reported over 30,000 of its electric delivery vans currently on the road in the U.S. 4
Right now, it’s all about one thing: show the R2 can ramp up, and the rest will sort itself out. Another year with volumes stuck in neutral? The market isn’t waiting around for that.
Investors are set to dig into the details behind the headline gross profit. Rivian’s main vehicle operation still needs to prove it can generate real profits, rather than relying on its services business.
But ramping up comes with a price tag. Any stumble in the R2 schedule, fresh supply snags, or another dip in demand might mean steeper discounts—or a quicker trip back to the capital markets.
Traders are set to keep an eye on whether the initial batch of analyst notes sparks further moves, and they’ll be digging for any indications of how soon Rivian might get its cash burn under control as expenses continue climbing.
Rivian plans to offer more details on its R2 lineup and trims on March 12, with updates on pricing ahead of customer deliveries set for the second quarter. 5
