Rivian Just Did What Investors Despised Lucid for. How Bad Is It?

Rivian vs. Lucid turns on capital raising and dilution, a move that Rivian recently executed while Lucid has faced different scrutiny around unit economics. The article says Rivian Automotive reached its first full-year gross profit in 2025, while Lucid has struggled to improve unit economics, widening the gap in Rivian’s favor. It argues Rivian’s latest step resembles what some Lucid investors would avoid: a public offering of 75 million shares of common stock valued at about $1.5 billion, implying roughly 6% dilution for existing shareholders. The text explains shareholder dilution reduces existing ownership percentage when companies issue new shares and can lower earnings per share. It also discusses Lucid’s earlier 1-for-10 reverse stock split, noting this can distort share-count comparisons. Compared with Lucid’s adjusted total share increase of about 137%, Rivian’s lifetime share-count increase is cited as about 58%, including the July offering.