Rivian Just Raised Guidance. So Why Is This Stock Falling?

Rivian raised its full-year production guidance after beating internal projections in Q2 and launched its mass-market R2 truck. However, the stock fell due to the company's announcement of a 75 million share offering at $15.50 per share (20% below market price) to raise over $1 billion for growth capital, causing shareholder dilution concerns.