If you believe in the future of EV's, think RIVN has a first mover advantage in a segment that has not yet been tapped (with a large TAM), believe that RIVN can withstand the pressures of extreme competition from the more slow-moving and less adaptable OEM's that still have pressures from ICE interests, and you have a high risk tolerance with an understanding that profit margins are not what will drive RIVN stock prices upward in the near term, and you have read the S-1, then the answer is a DEFINITE MAYBE....
You also need to consider that there is no magic bullet to solving the supply chain challenge, and that the labor market is not going to get any easier in the new economy. Does RIVN have enough automation? Will their production rates increase as automation is improved and implemented? What happens if there is a massive Lithium shortage or you can't get Bosch parts or suddenly all of these new Pirelli tires start blowing out on the highway and there is a class action law-suit?
I'm not saying any of this is likely or unlikely to happen, but there are thousands of variables and there are also macro-economic factors that could suddenly impact the stock price. If you are like a lot of us, and do see this as the future (and if EV's are clearly now being developed by all OEM's) then it is a good bet. I just wouldn't want to make the bet for a significant amount of money without that lens and without a higher risk tolerance. ETF's focused on clean energy or EV's could be a safer bet than throwing all of your money at 1 stock of course.
Personally, I jumped at the chance to get in on the ground floor with the IPO. I only hold a dozen or so stocks at a time (the rest being in funds or retirement plans and allocated across sectors and investment types), as well as in some real estate (that has done extremely well over the last decade historically). But, this is a company I believe in. Earnings is coming, if you believe that the IPO drove a ton of new order volume (which it could have) and you think production ramp is going well, it could be a good bet to get in now (before earnings).
All of that said, I am not a financial advisor LOL