Before the market opened on Tuesday, the shares of conservative news outlet Newsmax rose by over 18%, continuing the rise from its impressive debut on the New York Stock Exchange the previous day.

With a premarket price of $99, the stock is now valued at almost $12 billion, nearly ten times higher than its initial IPO price of $10. The surge in Newsmax shares on Monday, increasing over eight times, was partly fueled by interest from individual investors.

Even a day after its successful launch, Newsmax remained as the most talked-about stock among retail investors on stocktwits.com. By 6:06 a.m. ET, Newsmax shares worth approximately $13.7 million were traded, surpassing those of Broadcom, Berkshire, and Dell combined.

Newsmax, a conservative cable news network that raised $75 million in its recent IPO, aims to expand its reach in the United States, particularly with President Donald Trump in office. Established in 1998 by Christopher Ruddy, Newsmax started as an online platform and introduced its cable news channel in 2014. Additionally, it offers streaming services for free on platforms like its Newsmax app and YouTube.

Although there is an uptick in IPOs this year, concerns about Trump’s tariff policies and an extended trade war are overshadowing the growth prospects of public offerings in the U.S.