[Rivian's stock sale triggers](https://www.marketwatch.com/story/rivians-stock-sale-triggers-worst-rout-for-the-shares-in-nearly-two-years-6791789e?mod=mw_rss_topstories) the worst rout in nearly two years. Not because capital raises are bad per se—it's that Rivian is raising equity at a ~13% discount to yesterday's close. That's not optimism. That's survival mode.