Shares of electric vehicle start-up Rivian continued to climb Thursday, closing up 22.1%, one day after its public market debut.
The Amazon- and Ford-backed company already surpassed both Ford and General Motors by market cap, reaching a valuation of $104.9 billion. That’s still far behind Tesla’s market cap of more than $1 trillion.
GM’s market cap was $89.8 billion as of the end of trading Thursday, while Ford’s was $78.1 billion.
The valuation means Amazon’s 20% stake in the business is now worth nearly $21 billion and puts Ford’s 12% stake at $12.6 billion.
The price is especially staggering given Rivian does not yet have an established business model and only expects to bring in up to $1 million in revenue for the third quarter. It said in its prospectus that it expects to lose up to $1.28 billion during that quarter.
Rivian beat rivals to the market with a fully electric pickup but has yet to produce high volumes of its vehicles.
Amazon plans to use Rivian vehicles in its delivery fleet, having ordered 100,000 to be handed over by 2030. It expects to have 10,000 Rivian vehicles delivering Amazon packages as early as next year.
