Institutional investors held a record number of Rivian shares by the end of 2025, with several major funds significantly expanding their stakes even as the stock surged nearly 35% in the final quarter of the year.
Nasdaq data showed on Friday that Rivian had 885 institutional holders collectively holding nearly 703.5 million shares as of December 31, 2025.
Top Holders Trim Slightly
Amazon remains Rivian‘s largest institutional shareholder, with over 158.3 million shares held since the company went public in late 2021.
Volkswagen Group follows with nearly 146.9 million shares, acquired in mid-June after Rivian achieved its first milestone under their joint venture — positive gross profit in Q1 — triggering a $1 billion equity investment.
The two largest asset managers in the world — Vanguard and BlackRock — round out the top four but both slightly trimmed their stakes in the fourth quarter, by 264,234 and 799,602 shares, respectively.
Vanguard holds an 81.4 million–share stake in Rivian, valued at over $1.2 billion as of Friday.
BlackRock ended 2025 with 50.4 million Rivian shares, worth $994 million at the time.
Baillie Gifford remained in the top 5, holding 43.8 million shares after trimming its holdings by nearly 1.2 million shares.
No large institution fully exited its Rivian position during the quarter.
Major Buyers
The biggest moves came from JP Morgan, DE Shaw, and Renaissance Technologies, all of which roughly tripled their stakes.
JP Morgan jumped to sixth place after acquiring 16 million shares.Â
Its position more than tripled to 22 million shares, worth $344 million as of Friday — its highest Rivian holdings ever.
This purchase came after the EV maker reached the first milestone agreed with the legacy automaker — positive gross profit in the first quarter — which led to a $1 billion equity investment.
The company is now awaiting the second tranche of investment, having achieved its second milestone — beginning winter testing on the co-developed vehicle architecture, part of the joint venture between the two automakers.
Renaissance Technologies increased its stake by 32.4%, enough to enter the top ten.
The hedge fund reached its largest-ever Rivian position after first opening one in mid-2022, holding 16.4 million shares valued at $255 million by year-end.
DE Shaw added 9.3 million shares, tripling its holdings to 13.6 million shares. Morgan Stanley increased its position by 46.9% to 12.2 million shares.
Among smaller holders, two stood out. Voloridge Investment Management boosted its position by over 540% to 2.1 million shares.Â
National Bank of Canada built a $26.7 million position from a negligible 6,000-share base, ending the quarter with over 1.3 million shares.
New York-based Two Sigma showed sharply contrasting positions across its entities.
Two Sigma Advisors, the firm’s investment adviser, ranked as the eighth-largest institutional holder with over 20.6 million shares following an increase of 6.3 million.
Its hedge fund arm, Two Sigma Investments, moved in the opposite direction, reducing its stake by 3.6 million shares to 13.2 million.
Sellers
Entities from the New York-based financial firm Two Sigma showed sharply contrasting positions this past quarter.
Two Sigma Advisors, the firm’s investment adviser, ranked as the eighth-largest institutional holder of Rivian, with over 20.6 million shares as of December 31, following an increase of 6.3 million shares.
In contrast, hedge fund sponsor Two Sigma Investments reduced its stake by 3.6 million shares, ending the quarter with 13.2 million shares.
Swiss bank UBS slashed its Rivian holdings by 28.6% during the fourth quarter, a 5 million share decrease that dropped it out of the top ten largest institutional owners.
The bank finished 2025 holding 13.9 million shares — about half of what it held in late 2024 — valued at $217 million as of Friday.
Bank of America also trimmed its stake by 2.7 million shares — a 21% cut — maintaining 10.4 million shares worth approximately $162 million.
Broader Context
Between October 1 and December 31, Rivian‘s stock surged 34.9%.
While the uptick was gradual, shares jumped after autonomy-related news on December 11 and reached a 2025 high of $22.69 on December 22.
Since then, the stock has plunged, trading as low as $13.58 on February 5 — following eleven consecutive sessions of losses, the longest streak since late 2022.
Last week, Rivian’s stock surged 26.6%, a day after the company disclosed its financial results for the end of 2025 had exceeded Wall Street expectations.
However, those gains were wiped out as the company’s shares fell 12% over the past three trading sessions.
As of press time, Rivian shares were trading 2.6% lower at $15.19 on Friday’s market session.
The company’s valuation depends on the successful launch of the upcoming R2 mid-size SUV, with an entry-level version priced at $45,000.
The model, which will first debut with a dual-motor variant, will push Rivian into a more affordable market.
According to CEO RJ Scaringe, achieving profitability also relies on the R2, as production costs have been significantly reduced compared with the R1 models.
Despite posting stronger-than-expected financial results in the year’s final quarter, Rivian continues to face record industry losses, totaling $24 billion.
