Shares in Newsmax soared 179% after hours, extending the conservative news outlet’s stunning post-IPO rally.
The stock had already surged 735% on Monday after debuting at $10 per share on Friday.
By Tuesday’s close, it was trading at $233, giving the company a market valuation of more than $20 billion.
Newsmax raised $75 million in its initial offering, with CEO Christopher Ruddy saying the cash would help fund growth and boost its digital and programming output.
The network, which gained traction as a right-leaning alternative to Fox News, has faced legal battles over false election coverage.