Rivian found support at its Tangible Book Value - key metric

Rivian is still a young company trying to prove its model can make a profit. They have a pile of cash and along way until they can break even in their business model.

Tangible book is all tangible assets minus liabilities. Tangible meaning physical and cash like assets but not including intangible like brands and patents.
Tangible assets may also be a better measure of liquidation value.