Rivian reported its second-quarter 2026 earnings today, and there are improvements across the board. It’s a car. The company started delivering the R2, its first vehicle priced under $50,000, to customers on June 9.

The financials came in strong too. Revenue reached $1.658 billion, up 27% year-over-year, and Rivian posted a record $179 million gross profit while beating Wall Street on revenue, earnings, and adjusted EBITDA.

Rivian has commenced an underwritten public offering of 75 million shares of common stock, a raise worth roughly $1.5 billion based on the stock’s recent price.

The capital raise lands just days after Rivian’s stock rallied on stronger-than-expected Q2 delivery results and a raised full-year outlook.