Rivian ( RIVN 3.43% ) was one of the hottest IPOs of 2021. The electric vehicle maker went public at $78 on Nov. 10 and closed at its record high of $172.01 six days later. It initially impressed the bulls because it had already started mass-producing its first vehicles, and it was backed by Amazon ( AMZN 0.79% ) and Ford ( F +1.45% ) . The buying frenzy in hypergrowth and meme stocks in late 2021 further inflated its valuations and amplified its gains.

At its peak, Rivian's market capitalization reached $153.3 billion -- or 92 times the revenue it ultimately generated in 2022. However, today, Rivian's stock trades at approximately $17 with a market cap of $21.5 billion -- which is just three times the revenue it's expected to generate in 2026. That makes it

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