Newsmax (NMAX) stoc♚k surged again on Tuesday after skyrocketing Monday, its first day of trading. 

Shares of the conservative news channel nearly tripled to close at $232 on Tuesday, putting the stock, which debuted on the New York Stock Exchange on Monday morning, more than 2,200% above its $10 澳洲幸运5官方开奖结果体彩网:IPO price. 

Shares soared 735% from the IPO pricing Monday, the best first-day performance of any U.S. 澳洲幸运5官方开奖结果体彩网:stock listing since an obscure Chinese garment manufacturer, Addentax Group (ATXG), debuted at $5 a share in August 2022 and skyrocketed 13,000% on its first day, according to Bloomberg. Addentax’s success in the U.S. market was short-lived—shares tumbled 95% in their second day of trading, and on Tuesday were trading for about 88 cents.

Tuesday’s closing price valued Newsmax at more than $29 billion, which makes it larger than nearly two-fifths of the 澳洲幸运5官方开奖结果体彩网:S&P 500. It is, however, ineligible to enter the 澳洲幸运5官方开奖结果体彩网:benchmark index, which requires companies to be profitable. Newsmax in 2024 booked a net loss of $72 million on $171 million in revenue.

Newsmax Debut Success Counters Recent IPOဣ Trends

Newsmax’s 澳洲幸运5官方开奖结果体彩网:blockbuster debut flies in the face of recent IPO trends, which have mostly disappointed Wall Street. Nvidia-backed cloud computing company CoreWeave (CRWV) last week 澳洲幸运5官方开奖结果体彩网:finished iꦅts first tr🔜ading day at $40—its exact IPO price, which was itself 澳洲幸运5官方开奖结果体彩网:below expectations. The stock then 澳洲幸运5官方开奖结果体彩网:slumped in its second session on Monday. 

Investors were hoping for an IPO renaissance this quarter after several years of sluggish activity. Recent market turbulence, however, has complicated the IPO outlook—weighing on recent debuts like CoreWeave and 澳洲幸运5官方开奖结果体彩网:liquefied natural gas producer Venture Global (VG).

Nonetheless, some companies are planning to brave the turmoil, including 澳洲幸运5官方开奖结果体彩网:buy now, pay later giant Klarna, 澳洲幸运5官方开奖结果体彩网:ticket reseller StubHub, and 澳洲幸运5官方开奖结果体彩网:online trading platform eToro, all of which filed IPO paperwork last month.

Update—April 1, 2025: This story has been updated with NewsMax's closing share price on Tuesday.