Rivian extends post-IPO rally to 93% with Biden expected to sign $1 trillion infrastructure bill that includes billions for EVs

• Rivian soared as much as 16% on Monday with Biden set to sign a $1 trillion infrastructure bill.
• The bill will include $7.5 billion for the buildout of a network of 500,000 charging stations.
• Rivian is up 93% since it went public last week, pushing its valuation to about $130 billion.

Rivian continued its post-IPO rally on Monday, surging as much as 16% to a record $150 per share as President Joe Biden plans to sign a $1 trillion infrastructure bill.

Part of the infrastructure bill is designed to accelerate the consumer adoption of electric vehicles by building out a network of 500,000 electric charging stations across the country. The bill allocates $7.5 billion to the project, with the idea being that increased charging accessibility will lower consumers' barrier to entry in the EV space.

Monday's rally in Rivian brought its post-IPO gains to 93%, based on its IPO price of $78 per share. The near week-long surge has pushed Rivian's valuation to as much as $130 billion, making it the second most valued auto-manufacturer behind Tesla and minting big gains for its early investors like Amazon and Ford.

That's despite the company's expectations to generate more than $1 billion in losses on about $1 million in revenue in the third quarter, according to its SEC filings. But Rivian can count on more than 50,000 pre-orders for its luxury electric trucks and a 100,000 electric delivery van order from Amazon, as well as ever-increasing demand for EVs.

Some think Rivian's sky-high valuation despite little revenues and no profits is a sure-sign that the stock market is in a massive bubble, including famed short-seller Michael Burry. Burry tweeted last week in reference to Rivian, "More speculation than the 1920s. More overvaluation than the 1990s."

Rivian's valuation is in nosebleed territory, but if Tesla has taught investors anything, it's that the EV start-up has plenty to gain in the long-term if it can execute on its vision.