Rivian’s Pro Forma Liquidity Reaches $7.095 Billion After Volkswagen Loan
Key Facts
Rivian reported pro forma available liquidity of $7.095 billion after adding a $1 billion Volkswagen loan to its total liquidity at the end of the third quarter. The company said in its earnings release that actual liquidity was $6.095 billion on September 30 and that it received the loan proceeds in October. The quarter-end balance included $5.502 billion in cash, cash equivalents and short-term investments. The pro forma figure reflects the loan received after quarter-end and therefore differs from the liquidity reported in the financial statements as of September 30. The financing gives the company an additional resource, while its next payment from Uber is tied to meeting a specific autonomous-driving milestone.
The loan came through Rivian’s joint venture with Volkswagen, with a Rivian subsidiary receiving a distribution from the proceeds of two related loans totaling $1 billion. Rivian’s loan carries a fixed annual interest rate of 6.03% and matures on October 7, 2036. The company’s filing said the loan is not guaranteed by Rivian or any other party, and that recourse in the event of default is limited to collateral related to Rivian’s stake in the joint venture. The filing also said Rivian has no liability under the loan agreement and that the collateral is the sole recourse in the event of default. The company described the use of the financing proceeds as for general purposes.
Rivian is targeting receipt of a $250 million tranche of Uber’s investment by the end of 2026, subject to meeting conditions and milestones tied to autonomous driving. CEO RJ Scaringe told Reuters on October 29 that he was "very confident" the company would reach one of the milestones this year that would allow the tranche to be paid. He added that the timing aligns with the company’s internal plan. According to Rivian, Uber’s additional investment could reach $700 million through 2031, subject to meeting other autonomous-driving conditions and milestones. These targeted amounts remain separate from the loan Rivian received and the liquidity it reported at quarter-end.
The Uber-Rivian partnership is part of a plan to develop, deploy and operate autonomous R2 robotaxis. Uber said it or its fleet partners expect to purchase 10,000 vehicles, with an option to buy up to 40,000 additional vehicles starting in 2030. Rivian said the R2 outsold its R1 SUVs, pickup truck and delivery van in its first full quarter. The company delivered 19,248 vehicles in the third quarter of 2026. That places the autonomous-vehicle plan within an existing production and delivery business, while partnership-related expansion remains dependent on execution and the specified milestones.
Total liquidity fell from $6.588 billion on December 31, 2025, to $6.095 billion on September 30, 2026, before adding the Volkswagen loan on a pro forma basis. Free cash flow was negative $1.124 billion in the third quarter, compared with $421 million in the same period of 2025. In the second quarter of 2026, Rivian reported total liquidity of $5.846 billion and estimated liquidity at about $7.163 billion after adding $1.317 billion in net proceeds from a July stock offering. The comparison shows that quarterly figures and liquidity calculated after financing or stock issuance refer to different dates and bases. Rivian shares closed at $13.61, Uber at $68.59 and VWAGY at $7.67 on November 6, 2026.
Rivian is scheduled to provide more details at its Autonomy and AI Day on December 9, 2026. The date follows the company’s statement of confidence that it will reach the autonomous-driving milestone tied to Uber’s tranche. The milestone is also one of the conditions determining the timing of targeted additional funding from Uber. The plan to purchase autonomous R2 vehicles remains tied to developing, deploying and operating the vehicles through the partnership. The company’s upcoming event offers an opportunity to present updates on its technologies and plans in the area.