Because its business is consuming cash, Newsmax had to raise capital from investors. While awaiting its IPO, it launched a private offering to sell up to $225 million of convertible preferred stock. The IPO raised another $75 million in cash to help fund Newsmax's operations and growth.

The stock began trading at $14 Monday before surging a staggering 735%. Shares rose another 180% Tuesday, rocketing Newsmax's market cap from $1.2 billion upon its market debut to $20.8 billion. The stock's performance showed the Trump trade still has room to run in some cases, just as the president's tariff policies slam the market at large.

Newsmax CEO and the famously sober lawyer Rudy Giuliani ring in the bell at the NYSE on April 3, 2025. Moments later the Dow dropped 1,500 points, S&P 500 lost 4%, and the Nasdaq Composite slid 5%. But it didn’t stop these brilliant capitalists from celebrating. (Michael M. Santiago/Getty Images)

The shares recently traded up about 9% off Wednesday's close at around $57, climbing off morning lows that saw them in the red at around $40.

Priced at $10 per share, the cable TV company closed its first day of open-market trading at $83.51 and its second at $233, after rising as high as $265. That left the stock NMAX up 2,230% in its first two days of trade on the New York Stock Exchange.

Conservative cable network Newsmax (NYSE:NMAX) exploded onto the public markets on Monday, closing at $83.51—up a staggering 735% from its $10

The prompting for this column was the invitation to be present on the floor of the New York Stock Exchange on Thursday as Newsmax, the conservative cable TV network created by longtime journalist Christopher Ruddy,