Rivian estimates that the net proceeds from this offering will be approximately $1,486.3 million (or approximately $1,709.3 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and estimated offering expenses. Rivian intends to use approximately $93.8 million of cash on hand to fund the cost of the capped call transactions described below that it entered into in connection with the pricing of the notes.