Rivian jumps 53% in IPO, its valuation hits $100 billion

Amazon-backed Rivian's shares surged as much as 53% in its Nasdaq debut on Wednesday, giving it a market valuation of more than $100 billion. Its shares closed at $100.73, marking a nearly 30% jump from its offering price. The IPO allowed Rivian to raise about $12 billion, and that figure could reportedly rise to $13.7 billion.