Rivian entered into a Subscription Agreement with SMB Holding Corporation for up to $1.25 billion investment tied to autonomy milestones, including an initial $300 million issuance of common stock or pre-funded warrants, and related Master Framework and Vehicle Production Agreements with Uber for collaboration on deploying up to 50,000 R2 robotaxis exclusively on Uber's platform starting 2028. The company no longer expects adjusted EBITDA positivity in 2027 due to accelerated R&D spending.
Key takeaways
Subscription Agreement dated March 18, 2026: SMB pays $300 million for shares equal to amount divided by 30-day VWAP ending March 17, 2026, or pre-funded warrants at $0.001/share exercise price.
Up to $950 million additional shares or pre-funded warrants upon achievement of four autonomy milestones, assuming all met.
Master Framework Agreement: 10-year term for Rivian R2 vehicles with Level 4 autonomy on Uber platform; Uber exclusivity on sales to competitors; Uber commits to minimum vehicle purchases.
Vehicle Production Agreement: Governs design, development, manufacture of robotaxis based on R2 platform with technical specs, safety, warranties.
Deployments planned for San Francisco and Miami in 2028, scaling to 25 cities by 2031; Uber or partners to purchase up to 50,000 robotaxis.
Rivian withdraws 2027 adjusted EBITDA positive guidance due to increased R&D for autonomy roadmap.