Electric vehicle maker Rivian, which some investors hope could be the next Tesla, went public Wednesday at a valuation of $90 billion, rallying shares in the US’s biggest initial public offering since Facebook in 2012 by 36% .
Rivian stock, traded on the Nasdaq under the ticker “RIVN,” opened at about $106 per share, a 36% increase from its initial IPO price of $78 per share.
While the company’s IPO pricing gave it an initial valuation of $66.5 billion, the initial stock boom means the electric vehicle company is now worth about $90 billion.
Rivian is raising $11.9 billion from its 153 million share offering at its public market debut—making it its biggest IPO since 2012, when Facebook went public and raised $16 billion.
The electric vehicle maker is backed by Amazon, which has a 20% stake, and Ford, which owns 12% of the company.
Some investors are betting that the Rivian could be the next Tesla: Rivian was the first to release a fully electric pickup truck, the R1T, with plans to launch its electric SUV, the R1s, this December.
Beyond electric pickup trucks and SUVs, Rivian is also expanding into commercial vehicles: Amazon is its largest customer and has already ordered 100,000 of Rivian’s electric delivery vans.