The big winners in Rivian's $77 billion IPO include Amazon, Ford, and a Saudi investor that sells gas-fueled cars

• Rivian's $77 billion IPO on Wednesday will make it the sixth biggest public debut of all time.
• The company is set to raise nearly $12 billion after pricing its IPO well above the expected range.
• Big winners from the Rivian IPO include Amazon, Ford, and a Saudi investor that sells gasoline-powered cars.

The Rivian IPO on Wednesday will raise $11.9 billion, making it the sixth largest public debut on a US exchange - and the EV startup's early investors stand to gain billions.

Rivian priced its IPO at $78 per share Tuesday evening, well above its expected range of $72 to $74, which was already raised from a prior range of $57 to $62. That values the company at nearly $77 billion on a fully diluted basis, nearly triple the $27.6 billion valuation it received earlier this year from the private market.

The winning investors of Rivian's IPO include Amazon, Ford, and an investor that built its fortune on selling gasoline-powered cars in Saudi Arabia, according to data from CrunchBase.

1. Amazon

The e-commerce giant made waves when it invested in Rivian in 2019 and ordered up to 100,000 electric delivery vans from the EV startup. Amazon initially invested $700 million in the company in 2019, but subsequent funding rounds led by Amazon brought its total private market investment to $1.8 billion. Those investments secured Amazon more than 160 million shares of Rivian, or 22% of the company before the IPO. That makes Amazon the largest shareholder of Rivian, with a stake worth $12.5 billion at its IPO price of $78 per share.

2. T. Rowe Price

T. Rowe Price invested in Rivian four separate times while it was private, leading three rounds and co-leading a fourth. The investment firm now owns a near 19% stake, which equates to more than 133 million shares worth $10.4 billion at the Rivian IPO price of $78.

3. Oryx Global/Abdul Latif Jameel

Oryx Global, a subsidiary of Abdul Latif Jameel, built its fortune by distributing Toyota cars in Saudi Arabia since 1955. The family clearly saw the need to electrify autos, having invested in Rivian years ago. An investment unit of Abdul Latif Jameel, Oryx Global, acquired warrants for Rivian stock in 2018 after loaning the company more than $300 million. Abdul Latif Jameel now owns about 16% of Rivian, or 114 million shares worth $8.9 billion based on the company's IPO price.

4. Ford

Ford led Rivian's $500 million investment round in 2019, and has since invested in subsequent private funding rounds. The 118-year-old automaker has bet big on electric vehicles in recent years, having recently revealed its electric F-150 lighting and Mustang Mach E. Ford's Rivian investment gave the firm a more than 14% stake in Rivian, worth about $8 billion at the company's IPO price.