NEW YORK, February 15, 2026, 14:09 ET — The session’s over; markets have closed.
- Rivian shares surged 26.7% to finish at $17.73 Friday, as the company projected a big jump in 2026 deliveries thanks to its upcoming, more affordable R2 SUV.
- First R2 customer deliveries are on track for the second quarter, with additional product details set for release March 12, the company said.
- Investors are sizing up quicker growth prospects, but they’re also eyeing the bigger spending requirements and execution risks tied to the R2 ramp.
Rivian Automotive (RIVN.O) shares surged 26.7% to finish Friday at $17.73, with investors responding to the company’s projection of a major jump in 2026 deliveries ahead of the launch of its more affordable R2 SUV.
Rivian’s surge threw the spotlight back on its push to expand past the premium R1 series, right as demand took a hit following the end of the $7,500 federal EV tax break. Tesla, Ford, and General Motors have all been pressing ahead with cheaper offerings. Piper Sandler analysts didn’t mince words: “nothing matters more than a timely launch for the R2 SUV.” Reuters
The action highlighted just how fast sentiment can swing for beaten-down EV stocks. Rivian was facing heavy pressure earlier this year; investors haven’t hesitated to hit the stock when targets are missed.
Rivian is projecting 2026 deliveries between 62,000 and 67,000 vehicles, up from the 42,247 units expected in 2025. CEO RJ Scaringe noted that volumes for the R1T pickup, R1S SUV, and delivery vans should hold steady, telling Reuters, “The growth is really, of course, what we see in R2.” The company also put 2026 capital expenditures at $1.95 billion to $2.05 billion, and expects to bring in $2 billion this year from Volkswagen, tied to their technology joint venture. Reuters
Rivian turned in about $1.29 billion in revenue for the fourth quarter, with an adjusted per-share loss landing at 54 cents. The company posted $120 million in consolidated gross profit—that’s revenue after direct sales costs. Software and services, including its work with Volkswagen, brought in $179 million of gross profit for the quarter, pushing consolidated gross profit for all of 2025 up to $144 million, according to Rivian. More details about the R2 lineup are coming March 12, ahead of what the company expects will be its first customer deliveries next quarter.
Rivian closed out 2025 holding $6.08 billion in cash, cash equivalents and short-term investments, according to a shareholder letter submitted to the U.S. securities regulator. Factoring in its revolving credit facility, total liquidity reached $6.59 billion. The same filing pointed to softer sales of regulatory credits—those emissions credits sold to rival automakers—as a drag on the company’s automotive gross profit for the quarter.
Friday saw roughly 128 million shares trade hands, a brisk pace as investors adjusted for a $45,000-level R2 taking on more weight in a market that’s been trending downmarket.
Broker notes started flying right after the news. Deutsche Bank shifted Rivian up to a “buy” and boosted its price target. UBS, meanwhile, moved from “sell” to “neutral,” inching its target up to $16 and describing the short-term risk/reward as more balanced. Investing.com
Markets get their next challenge as the tape closes for the extended weekend. U.S. equities are off on Monday, February 16 for Washington’s Birthday, before trading picks up again Tuesday.
Still, risks linger. If the R2 launch hits delays or production ramps up awkwardly, delivery targets could come under pressure again, with fresh focus on cash burn and possible funding needs.
Investors have eyes on two fronts: Will Rivian’s rally stick when trading resumes Tuesday, and what specifics the company releases March 12 about R2 pricing, trims, and rollout? Those details could make or break the credibility of Rivian’s 2026 delivery targets.
