Rivian is on pace for its longest winning streak ever ahead of R2 deliveries next week

EV maker Rivian is climbing for the 10th consecutive day on Wednesday, putting the company on pace for its longest winning streak ever.

The stock has climbed more than 40% in the two-week stretch, as the company prepares to start customer deliveries of its highly anticipated R2 SUV on June 9. The EV will launch at nearly $60,000, with a lower-priced variant in the $45,000 range due to release late next year. Rivian has implied it expects to deliver up to 25,000 R2s this calendar year.

Despite the hot streak, Rivian shares are down about 7% year to date and nearly 90% from their all-time high in late 2021.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Meta surges on report it’s starting a cloud business to sell excess AI compute

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