With the market running up so high, investors may need to keep an eye out for companies that don’t having the earnings to justify lofty valuations. The stock market has hit record highs in recent weeks, boosted in part by continued optimism around artificial intelligence. Despite pullbacks in Thursday’s session , the broad S & P 500 has soared more than 15% in 2025, while the technology-heavy Nasdaq Composite has climbed close to 20%. But those big runs can lead to companies having valuations that don’t necessarily line up with their businesses. CNBC Pro screened for names with market caps of at least $1 billion that haven’t generated revenue over the last 12 months. Here’s some of the names we found: Archer Aviation made the list with a market cap above $6.1 billion. The stock is seen as one of the main ways to play the push for electric helicopters . But shares have pulled back more than 17% in 2025 after surging more than 58% and 228% in 2024 and 2023, respectively. However, the average analyst polled by LSEG has a buy rating and expects the stock to rebound by more than 33% in the next year. ACHR 5Y mountain Archer, 3-year chart USA Rare Earth also ended up on the screen with a $1.6 billion market cap. Rare earth stocks have been at the center of a geopolitical battle as the U.S. fought back against China’s increased export controls on the sector. But China recently eased some of those limits amid its trade truce with the U.S. USA Rare Earth shares have rallied more than 38% in 2025. Wall Street sees more upside ahead: The average analyst has a buy rating and price target implying shares can jump more than 25%, per LSEG.