Baillie Gifford reported 43,210,348 Rivian Class A shares at the end of the second quarter, down 611,152 shares, or 1.4%, from March 31, according to the Form 13F the Edinburgh firm filed with the Securities and Exchange Commission.
The holding was worth $749.7 million at June 30, up 13.7% over the quarter.
Rivian shares rose 15.3% over the same three months as the company started external deliveries of its cheapest model ever produced, the R2.
Baillie Gifford’s share count barely moved, yet its proportional stake in the company fell to 3.22% from 3.49%, as Rivian issued more than 82 million new shares during the quarter.
Among managers that have filed second-quarter reports so far, the holding is the third largest in Rivian behind Amazon and BlackRock.
As of publication time, shares of the EV maker were trading flat during Thursday’s pre-market session.
A Faster Fall
Rivian issued two large blocks of stock inside the quarter, neither of them on the open market.
Volkswagen took 62,889,522 Class A shares at $15.90 on April 30, a $1.0 billion tranche released by the completion of winter testing under the two companies’ software and electrical-architecture joint venture.
SMB Holding Corporation, an affiliate of Uber, took about 19,553,911 shares days later under a $300 million subscription agreement signed in March, part of a robotaxi partnership contemplating up to $1.25 billion of equity through 2031.
Together the two placements added 82,443,433 Class A shares.
Rivian had 1,256,505,294 Class A shares outstanding as of April 21, the count on the cover of its first-quarter report and the closest published figure to the quarter’s start, so the two placements alone expanded the share base by 6.6%.
Set 43,821,500 shares against that count and Baillie Gifford held 3.49% of the class at the end of March.
Set 43,210,348 shares against the enlarged base and the figure is 3.22% — a fall of roughly 7.5% in proportional terms, more than five times the 1.4% cut in the share count itself.
Amazon’s holding did not change at all during the quarter, remaining at 158,363,834 shares, and its stake still fell to about 11.8% from roughly 12.6%.
Rivian’s Other Large Holders
BlackRock reported 56,419,011 shares at June 30, an increase of 4.54%, with the position valued at $978.9 million.
State Street reported 22,396,819 shares, up 8.75%, at $388.6 million.
JPMorgan Chase reported 22,651,249 shares, down 0.57%, at $381.4 million, and Deutsche Bank reported 2,517,003 shares, up 33.95%.
Uber‘s own holding of 19,553,911 shares, valued at $339.3 million, appears in a 13F filed on August 7 — the first quarter in which the ride-hailing company shows up on Rivian‘s institutional register.
IMC-Chicago exited entirely, reporting zero shares against a prior position.
Volkswagen‘s holding sits outside all of these because the German group reports on Schedule 13G rather than Form 13F, and the two are not directly comparable.
The 13G/A filed on May 4 put Volkswagen at 209,769,645 shares, or 15.90% of the class, ahead of Amazon for the first time.
Rivian’s Q2
Rivian began external deliveries of the R2 on June 9, its first vehicle priced below $50,000.
The company produced 12,613 vehicles and delivered 12,194 in the quarter, against an outlook of 9,000 to 11,000, and raised full-year delivery guidance to a range of 65,000 to 70,000 vehicles from 62,000 to 67,000.
Revenue reached $1.658 billion, a 27% rise on the same quarter a year earlier, with gross profit of $179 million and a net loss of $837 million, narrowed from $1.115 billion.
The commercial van programme built for Amazon passed one billion miles during the period, with more than 40,000 vans in service, and Rivian added a rare van customer outside Amazon in June.
Rivian ended the quarter with $5.310 billion in cash, cash equivalents and short-term investments.
The Dilution Continued
None of the arithmetic above captures what happened in July.
Rivian sold 86.25 million Class A shares in a follow-on offering, raising net proceeds of roughly $1.317 billion, which lifted total available liquidity to $7.163 billion on a pro forma basis.
That offering closed after June 30 and therefore sits outside every second-quarter 13F, including this one.
Applied to the share count at the end of the second quarter, the July sale represents a further expansion of about 6%, which will show up in third-quarter filings as another fall in the reported stakes of holders who have not bought.
Baillie Gifford’s next report is due in November.
