Shares of Rivian fell nearly 20% on Wednesday in its first drop since the electric vehicle maker went public last week at a whopping $90 billion valuation.
Rivian’s stock was down more than 15% to about $146 a share in late morning trading.
Shares fell for the first time since a week ago, when Rivian went public with the biggest US IPO since Facebook.
Prior to Wednesday, the stock had risen as much as 120% from its initial IPO price of $78 per share, driven by strong interest from investors on hopes that Rivian could become the next Tesla.
Despite Wednesday’s decline, the electric vehicle maker has a market capitalization of about $120 billion — more than auto industry giants General Motors ($92 billion) and Ford ($78 billion).
Rivian’s elevated valuation is a testament to massive investor interest in electric vehicles—but the company doesn’t have any revenue just yet.