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.

The rise follows conservative media company Newsmax's Monday public debut, which was the best-performing first day since 2022.

Shares of the media company were recently off some 40% to $140, plummeting to start their third day of trading. Newsmax ( NMAX) went public Monday —its IPO price was $10, and it opened at $14—to kick off a dramatic upward run. The stock finished yesterday at $233 after slipping from intraday highs of $265.

Newsmax's share price soared when it started trading Monday on the New York Stock Exchange under the ticker "NMAX."

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.

Despite the slow death of cable TV, Newsmax had a wild market debut that forced multiple trading halts for volatility. After debuting to the public for the first time this morning, stock for the cable news firm Newsmax shot up by over 500%.

Newsmax's shares closed with a more-than-eight-fold gain at $83.51 on Monday, partly buoyed by retail interest.

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

Retail traders on Stocktwits were buzzing, with some skeptical that the huge gains could continue. Newsmax saw its market cap soar to $20 billion Tuesday.