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Illustration: Shoshana Gordon/Axios

Rivian, an Irvine, Calif.-based electric truck maker, raised $11.9 billion in its IPO and began trading Wednesday on the Nasdaq.

Why it matters: This is the largest IPO since Alibaba in 2014, bumping Uber down a notch.

Details: Rivian priced at $78 per share, well above both its original and upwardly-revised ranges, for a fully diluted valuation north of $77 billion.

  • It had raised around $11 billion from firms like Amazon, T. Rowe Price, Oryx Global, Ford Motor Co. and Manheim Investments.
  • The 12-year-old company last month began delivering its first vehicles, with plans to have 1,000 on the road by year-end, and reports tens of thousands of pre-orders that it hopes to fill by the end of 2023.
  • For context, Tesla went public seven years after being founded, raising $276 million at a $1.6 billion valuation. At the time, it had raised less than $1 billion in private funding and had already begun delivering its first Roadsters.

Go deeper

"Pokémon Go" maker Niantic now worth $9 billion

illustration a Pokémon Go logo. Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Niantic, an S.F.-based maker of augmented reality games like "Pokémon Go," raised $300 million from Coatue at a $9 billion valuation.

Why it matters: This is about the metaverse that Meta isn't interested in building.

Updated 2 hours ago - Health

The next big bottleneck in the global vaccination effort

Illustration: Rae Cook/Axios

The world still needs more coronavirus vaccines, but an additional bottleneck has emerged in many low-income countries: They need help getting shots in arms.

Why it matters: Increasing vaccination rates across the world is both a humanitarian necessity and the best way to prevent dangerous new variants from emerging, but it increasingly requires complex problem-solving.

Updated 3 hours ago - Health

COVID-19 Omicron variant cases identified in Europe, U.K.

People wearing masks walk in London on Nov. 25. Photo: Li Ying/Xinhua via Getty Images

Health officials in the United Kingdom, Italy and Germany announced on Saturday that they've detected the first known cases of the new COVID-19 Omicron variant.

Why it matters: The discoveries come as the world scrambles to respond to concerns over the new variant, discovered in South Africa earlier this week.