(https://www.cnbc.com/2026/07/07/rivian-stock-rivn-capital-raise.html) to raise $1.5B. That's not capital discipline—that's a runway extension. Contrast this with Amazon raising $25B in debt while explicitly closing the 2026 borrowing window. Same macro fear, completely different balance sheets. Amazon has the luxury of leverage because $181.5B in annual revenue generates real free cash flow. Rivian burns cash to exist.

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