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Shares of EV start-up Rivian spike on second day of trading, market cap surpasses GM

Rivian R1T Field pickup

Source: Rivian

Shares of the electric vehicle start-up Rivian continued to climb Thursday, up about 10%, 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 about $94 billion. That’s still far behind Tesla’s market cap of more than $1 trillion.

GM’s market cap was $88.8 billion mid-morning on Thursday while Ford’s was $78.9 billion.

The valuation means Amazon’s 20% stake in the business is now worth more than $18 billion and puts Ford’s 12% stake at more than $11 billion.

The price is especially staggering given that Rivian does not yet have an established business model and only expects to make 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 delivered by 2030. It expects to have 10,000 Rivian vehicles delivering Amazon packages as early as next year.

-CNBC’s Lora Kolodny and Annie Palmer contributed to this report.

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WATCH: The race between Tesla, GM, Rivian and others to dominate electric pickup trucks

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