Rivian Automotive, Inc. announced that it has issued 71,913,170 series F preferred shares at a price of $36.85 per share for gross proceeds of $2,650,000,314.50 led by funds and accounts advised by existing investor T. Rowe Price Associates, Inc. on January 18, 2021. The transaction included participation from existing investors Global Oryx Company Limited, Amazon.com Inc., Investment Arm, Fidelity Management & Research Company LLC, Coatue Management, L.L.C., D1 Capital Partners L.P. as well as several other existing and new investors. The shares are convertible, non-cumulative, non-redeemable and participating. The shares carry non-cumulative fixed dividend rate of 8% per annum. The shares are convertible into common shares of the company at a fixed conversion price of $36.85 per share. The round was raised at post-money valuation of $27,600,000,000. The company has raised $8,000,000,000 in funding till date.