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Space Florida’s incredible shrinking Rivian stake

Until last year, Space Florida, the state’s economic development agency for aerospace, believed that it owned 3% of Rivian as a result of a canny lease-back agreement made a decade earlier. Following Rivian’s blockbuster IPO in November, that stake would have been worth nearly $3 billion based on Rivian’s current market capitalization — a more than 1,000-fold return on Space Florida’s investment. Instead — and through a mechanism that neither the agency nor Rivian can explain — Space Florida has ended up holding just 60,000 shares in the company, worth less than $7 million, public records from the agency show. In 2009, RJ Scaringe founded Mainstream Motors as a spin-out from his father’s R&D firm in Rockledge, Florida.

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